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In recent transactions reported to the Securities and Exchange Commission, J. Randolph Potter, a director at First Bancorp (NASDAQ:FBNC), executed a significant stock sale. On August 30, 2024, Potter sold 5,000 shares of common stock at a price of $42.48 per share, totaling $212,399. This transaction followed an exercise of stock options on the same day, where Potter acquired 5,000 shares at the same price. The transaction occurred as First Bancorp, with its current market capitalization of $1.83 billion, trades at a P/E ratio of 17.8x and maintains a dividend yield of 2%. Following these transactions, Potter’s direct ownership stands at 3,001 shares. InvestingPro analysis reveals First Bancorp’s strong dividend history spanning 38 consecutive years, highlighting the company’s commitment to shareholder returns. According to InvestingPro’s Fair Value model, the stock currently appears slightly undervalued, with additional insights available through the Most Undervalued Stocks analysis.
In other recent news, First Bancorp has announced a cash dividend of $0.22 per share, marking its 38th consecutive year of dividend payments. This dividend is scheduled for payment on January 25, 2025, to shareholders on record as of December 31, 2024. The declaration reflects the company’s ongoing profitability and commitment to providing shareholder value. In addition, First Bancorp has initiated a stock repurchase program authorizing the buyback of up to $40 million of its outstanding common stock, further illustrating its confidence in its financial stability. CEO Richard Moore highlighted the strong second quarter performance in 2024, noting improved liquidity and sustained strong credit quality as key contributors to the company’s ability to maintain its dividend payout. In other developments, First Bancorp announced the retirement of Mason Y. Garrett from its Board of Directors, and the appointments of Christian Wilson as Executive Vice President and Chief Operating Officer, Donna Ward as Chief Transformation Officer, and Brent Hicks as Executive Vice President and Chief Accounting Officer. These recent changes indicate a period of strategic adjustment for First Bancorp, with a focus on shareholder value and strong leadership.
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