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Michael Goodwin Mayer, President of First Bancorp (NASDAQ:FBNC), a $1.75 billion regional bank trading at a P/E ratio of 19.95, recently sold 3,000 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the stock currently appears undervalued compared to its Fair Value. The shares were sold on May 12, 2025, at a price of $42.96 each, amounting to a total transaction value of $128,880. The stock has shown strong performance, delivering a 37% return over the past year and currently offers a 2.07% dividend yield. Following this sale, Mayer holds 110,238 shares directly. InvestingPro subscribers can access 7 additional key insights about First Bancorp’s financial health and future prospects. Additionally, he retains indirect ownership of shares through a 401(k) plan and his spouse.
In other recent news, First Bancorp announced a cash dividend of $0.22 per share, payable on April 25, 2025, following a strong financial performance in the fourth quarter. Stephens analyst Russell Gunther raised First Bancorp’s price target to $50 and maintained an Overweight rating after the company reported core pre-provision net revenue of $48.3 million, exceeding expectations. The analyst highlighted improvements in net interest margin and a slight decrease in non-performing assets. Keefe, Bruyette & Woods also adjusted their price target for First Bancorp to $50, maintaining an Outperform rating, noting the company’s robust deposit growth and favorable asset repricing. Piper Sandler initiated coverage with a Neutral rating and a $48 price target, citing First Bancorp’s strong management and potential for organic growth but noting the stock’s premium valuation. Additionally, First Bancorp’s annual shareholder meeting resulted in the election of 11 directors and the ratification of Crowe, LLP as independent auditors. Shareholders approved executive compensation and expressed a preference for annual "Say-on-Pay" votes. These developments reflect ongoing investor interest and confidence in First Bancorp’s strategic direction and financial health.
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