First Bancorp CEO Suzanne DeFerie sells more than $869,000 in company stock by Investing.com

In recent trading activity, Suzanne DeFerie, director at First Bancorp (NASDAQ: ), sold a significant number of the company’s shares. The transactions, which took place on September 20 and 23, resulted in the sale of 17,750 and 2,036 shares of common stock, respectively. Sales were made at average prices that ranged from $43.75 to $44.05 for the former set of shares and from $43.75 to $44.02 for the latter, bringing the total value of the sales to approximately $869,405.

These transactions reflect a notable change in DeFerie’s holdings in the company, as he continues to hold 67,654 shares after the September 20 sales and 65,618 shares following the September 23 transactions. It’s also worth noting that DeFerie indirectly owns 1,864,253 shares through a 401k plan, and no remaining shares are indirectly owned by her husband.

Investors often monitor insider sales because they can provide insight into an insider’s perspective on the value of a company’s stock. The exact motivations behind DeFerie’s decision to sell the shares at this time are not disclosed in the filing. However, the reported transactions are part of the public record as filed with the Securities and Exchange Commission.

As with all insider trading, sales by Suzanne DeFerie were conducted legally and disclosed in accordance with SEC regulations. Reported transactions are a matter of public record and provide transparency into the trading activities of First Bancorp insiders.

In other recent news, First Bancorp has been active with several significant developments. The company announced a cash dividend of $0.22 per share, reflecting solid financial performance and consistent returns to investors. This decision was supported by improved liquidity, solid capital growth and strong credit quality, as CEO Richard Moore pointed out.

In addition, First Bancorp initiated a share repurchase program authorizing the repurchase of up to $40 million of its outstanding common stock. This move indicates the company’s confidence in its financial stability and its commitment to delivering shareholder value.

In management updates, First Bancorp announced the retirement of Mason Y. Garrett from its Board of Directors. Garrett’s significant contributions to banking, particularly in the Carolinas, were recognized. The company also announced several changes to the executive team, including the appointment of Christian Wilson as executive vice president and chief operating officer of The first bank (NASDAQ: ), Donna Ward as Chief Transformation Officer and Hicks as Executive Vice President and Chief Accounting Officer.

These recent developments underscore a period of strategic adjustment for First Bancorp, with a focus on shareholder value, strong leadership and organizational change.

InvestingPro Insights

In the wake of recent insider trading activity at First Bancorp (NASDAQ:FBNC), where director Suzanne DeFerie sold a sizable number of shares, investors may be interested in some key indicators and insights that could shape their view of the company’s current financial health and future prospects. . According to InvestingPro data, First Bancorp maintains a market cap of $1.79 billion with a P/E ratio of 15.66, reflecting market sentiment on its earning power. Adjusting for the trailing twelve months from Q2 2024, the P/E ratio sees a slight increase to 15.84.

InvestingPro Tips suggests that First Bancorp has a high return to shareholders, which could be a positive sign for investors looking for returns through dividends or share buybacks. Additionally, the company has maintained its dividend payouts for an impressive 38 consecutive years, indicating a commitment to providing consistent returns to its shareholders. This is particularly notable as the company’s revenue growth over the past twelve months has been relatively modest at 0.28%. Despite the slight decline in quarterly revenue of -3.73% in Q2 2024, the company has experienced substantial price growth over the past six months with a total return of 26.21% and an outstanding return of 64.41% in the last year.

Investors should also note that analysts expect First Bancorp to be profitable this year, and the company has indeed been profitable over the past twelve months. The robust operating income margin of 39.84% underscores the company’s ability to turn revenues into profits efficiently. For those interested in exploring further, InvestingPro offers additional advice on First Bancorp, which can be found at https://www.investing.com/pro/FBNC.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.