First Bancorp (NASDAQ:FBNC) Announces Earnings Results

First Bancorp (NASDAQ:FBNC) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04, FiscalAI reports. First Bancorp had a net margin of 19.24% and a return on equity of 10.41%.

First Bancorp Stock Performance

Shares of First Bancorp stock traded down $1.37 during trading hours on Wednesday, hitting $57.79. 224,198 shares of the company were exchanged, compared to its average volume of 238,988. First Bancorp has a 1 year low of $38.51 and a 1 year high of $62.64. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average of $57.28 and a 200-day moving average of $54.27. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 21.56 and a beta of 0.84.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.7%. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, March 31st. First Bancorp’s dividend payout ratio (DPR) is currently 35.82%.

Insider Transactions at First Bancorp

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total value of $296,550.00. Following the completion of the transaction, the insider owned 20,400 shares in the company, valued at approximately $1,209,924. This represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 10,142 shares of company stock valued at $592,276 in the last three months. Corporate insiders own 2.04% of the company’s stock.

Institutional Trading of First Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBNC. Bank of Montreal Can grew its holdings in First Bancorp by 6.9% in the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after buying an additional 305 shares during the period. Amundi grew its holdings in First Bancorp by 5.1% in the 3rd quarter. Amundi now owns 7,154 shares of the financial services provider’s stock valued at $371,000 after buying an additional 345 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after buying an additional 381 shares during the period. Russell Investments Group Ltd. grew its holdings in First Bancorp by 1.7% in the 4th quarter. Russell Investments Group Ltd. now owns 30,985 shares of the financial services provider’s stock valued at $1,574,000 after buying an additional 509 shares during the period. Finally, Creative Planning grew its holdings in First Bancorp by 4.9% in the 3rd quarter. Creative Planning now owns 12,284 shares of the financial services provider’s stock valued at $650,000 after buying an additional 579 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Wall Street Analyst Weigh In

FBNC has been the subject of a number of recent research reports. Weiss Ratings raised shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 20th. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research report on Wednesday, January 7th. Finally, Piper Sandler downgraded First Bancorp from an “overweight” rating to a “neutral” rating and upped their price target for the company from $58.00 to $64.00 in a report on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $61.25.

About First Bancorp

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.