In a recent transaction on March 15, 2024, Carlie C. McLamb Jr., a director at First Bancorp (NASDAQ:FBNC), acquired shares of the company's common stock valued at $10,355. The shares were purchased at a price of $33.84 each, according to a filing with the Securities and Exchange Commission.
The transaction involved the acquisition of 306 shares, increasing the total number of shares owned by McLamb's spouse to 31,876. This purchase reflects a continued investment in First Bancorp by one of its directors, showcasing a vote of confidence in the company's future prospects.
In addition to the acquisition, the filing also disclosed two separate donations made by McLamb to Manna Church. These donations consisted of 281 shares and 25 shares of First Bancorp's common stock, with each share valued at the same purchase price of $33.84. The total value of the shares donated was $9,509 and $846, respectively.
Investors often monitor insider transactions such as these for insights into the company's health and the confidence that executives and directors have in the firm's direction. The recent acquisition by McLamb, alongside the charitable contributions, may be of interest to current and potential shareholders as they evaluate their investment in First Bancorp.
First Bancorp, headquartered in Southern Pines, North Carolina, operates as a state commercial bank and provides banking services to individuals and businesses. The company has been serving its community through various financial products and services, aiming to foster local economic growth.
InvestingPro Insights
As First Bancorp (NASDAQ:FBNC) sees continued investment from insiders, a closer look at the company's financial metrics and expert analysis may offer additional insights for investors. According to InvestingPro data, First Bancorp has a market capitalization of approximately $1.4 billion and maintains a price-to-earnings (P/E) ratio of 13.37, which adjusted for the last twelve months as of Q4 2023, sits at a slightly lower 12.27. These figures suggest a valuation that might be seen as reasonable in the context of the banking sector.
The company's revenue has seen a growth of 3.55% over the last twelve months as of Q4 2023, a steady increase that reflects its ongoing business operations. Moreover, First Bancorp has maintained a strong operating income margin of 39.77% during the same period, indicating efficient management and profitability.
InvestingPro Tips also highlight that despite analysts revising their earnings downwards for the upcoming period, First Bancorp has a long-standing history of dividend reliability, having maintained dividend payments for 37 consecutive years. This could be a key factor for income-focused investors. Additionally, analysts predict the company will remain profitable this year, which aligns with the company's performance over the last twelve months.
For investors seeking a deeper dive into First Bancorp's financial health and future prospects, there are additional InvestingPro Tips available. With these tips, investors can gain a more nuanced understanding of the company's performance and potential. To explore these insights further, and to take advantage of a special offer, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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