James C. Crawford III, a director at First Bancorp (NASDAQ:FBNC), has sold 5,573 shares of common stock, according to a recent SEC filing. The shares were sold at an average price of $49.22 each, totaling approximately $274,308. Following this transaction, Crawford directly owns 67,752 shares in the company. Additionally, Crawford holds indirect ownership of shares through an LLC, his children, and his spouse, totaling 14,925 shares.
In other recent news, First Bancorp has announced a cash dividend of $0.22 per share, reflecting the company's solid financial performance and its ability to provide a consistent return to its investors. The Chief Executive Officer of First Bancorp, Richard Moore, attributed this to the company's strong second quarter performance in 2024, improved liquidity, solid capital growth, and sustained strong credit quality. Further, First Bancorp has initiated a stock repurchase program, authorizing the buyback of up to $40 million of its outstanding common stock, showcasing the company's confidence in its financial stability.
These recent developments also include leadership changes, with the retirement of Mason Y. Garrett from its Board of Directors and appointments of Christian Wilson as Executive Vice President and Chief Operating Officer of First Bank (NASDAQ:FRBA), Donna Ward as Chief Transformation Officer, and Brent Hicks as Executive Vice President and Chief Accounting Officer. These changes indicate a period of strategic adjustment for First Bancorp, with a focus on shareholder value, strong leadership, and organizational change.
InvestingPro Insights
First Bancorp (NASDAQ:FBNC) has been showing strong performance in the market, with the stock trading near its 52-week high and demonstrating impressive returns. According to InvestingPro data, FBNC has seen a remarkable 54.92% price total return over the past six months and a 58.51% return over the last year. This upward trajectory aligns with the timing of Director James C. Crawford III's recent stock sale.
The company's financial health appears robust, with a market capitalization of $2.01 billion and a P/E ratio of 19.63, suggesting a reasonable valuation relative to earnings. FBNC's dividend yield stands at 1.81%, and an InvestingPro Tip highlights that the company has maintained dividend payments for 38 consecutive years, indicating a strong commitment to shareholder returns.
Despite the recent share sale by Crawford, FBNC's fundamentals remain solid. The company boasts an operating income margin of 37.51% for the last twelve months as of Q3 2024, reflecting efficient operations. Another InvestingPro Tip notes that FBNC has a high shareholder yield, which could be attractive to investors looking for companies that prioritize returning value to shareholders.
For readers interested in a deeper analysis, InvestingPro offers 10 additional tips for FBNC, providing a more comprehensive view of the company's prospects and potential risks.
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