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

First Bancorp (NASDAQ:FBNC) issued its 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 firm had revenue of $127.30 million for the quarter, compared to analysts’ expectations of $126.07 million.

First Bancorp Trading Down 2.9%

Shares of NASDAQ FBNC traded down $1.88 during midday trading on Wednesday, hitting $62.61. 326,052 shares of the company traded hands, compared to its average volume of 246,245. First Bancorp has a 12-month low of $45.04 and a 12-month high of $66.54. The firm has a market cap of $2.59 billion, a P/E ratio of 21.37 and a beta of 0.80. The stock has a 50-day moving average price of $61.22 and a 200 day moving average price of $58.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85.

First Bancorp Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.5%. First Bancorp’s payout ratio is currently 32.76%.

Wall Street Analyst Weigh In

FBNC has been the subject of several analyst reports. Brean Capital assumed coverage on shares of First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Raymond James Financial increased their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 16th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.55.

Insiders Place Their Bets

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the transaction, the director owned 41,491 shares in the company, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.04% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after buying an additional 169,363 shares in the last quarter. Ameriprise Financial Inc. lifted its position in First Bancorp by 48.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after acquiring an additional 429,769 shares during the period. Invesco Ltd. boosted its stake in First Bancorp by 10.7% during the fourth quarter. Invesco Ltd. now owns 289,012 shares of the financial services provider’s stock worth $14,679,000 after acquiring an additional 27,849 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in First Bancorp by 6.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock worth $10,383,000 after acquiring an additional 15,570 shares in the last quarter. Finally, UBS Group AG grew its holdings in First Bancorp by 236.4% in the third quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after purchasing an additional 163,906 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

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.