First Bancorp (NASDAQ:FBNC) Releases Earnings Results, Beats Estimates By $0.07 EPS

First Bancorp (NASDAQ:FBNC) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07, FiscalAI reports. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The company had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million.

First Bancorp Price Performance

Shares of First Bancorp stock traded down $1.88 during mid-day trading on Wednesday, reaching $62.61. 326,052 shares of the stock were exchanged, compared to its average volume of 246,245. First Bancorp has a fifty-two week low of $45.04 and a fifty-two week high of $66.54. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 21.37 and a beta of 0.80. The firm has a 50-day simple moving average of $61.22 and a 200 day simple moving average of $58.72. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. First Bancorp’s dividend payout ratio (DPR) is 32.76%.

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. State of Wisconsin Investment Board grew its position in First Bancorp by 15.7% during the 4th quarter. State of Wisconsin Investment Board now owns 11,207 shares of the financial services provider’s stock worth $569,000 after acquiring an additional 1,519 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in First Bancorp by 130.2% in the third quarter. BNP Paribas Financial Markets now owns 9,946 shares of the financial services provider’s stock worth $526,000 after purchasing an additional 5,625 shares in the last quarter. Virtus Advisers LLC acquired a new position in First Bancorp in the fourth quarter worth $495,000. Campbell & CO Investment Adviser LLC acquired a new position in First Bancorp in the fourth quarter worth $411,000. Finally, Amundi grew its holdings in shares of First Bancorp by 5.1% during the third quarter. Amundi now owns 7,154 shares of the financial services provider’s stock worth $371,000 after purchasing an additional 345 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

Analysts Set New Price Targets

FBNC has been the topic of several recent research reports. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Raymond James Financial increased their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 16th. Brean Capital started coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Finally, Keefe, Bruyette & Woods upped their price objective on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.55.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.