First Bancorp (NASDAQ:FBNC) Announces Quarterly Earnings Results

First Bancorp (NASDAQ:FBNC) issued its earnings results on Wednesday. The financial services provider reported $1.22 EPS for the quarter, beating 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 the consensus estimate of $126.07 million.

First Bancorp Trading Down 2.9%

FBNC opened at $62.61 on Thursday. The firm has a 50 day simple moving average of $61.32 and a 200 day simple moving average of $58.81. 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 company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84.

First Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Raymond James Financial raised their price target on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a report on Thursday, July 16th. Finally, Brean Capital began coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Bancorp has an average rating of “Moderate Buy” and a consensus target price of $65.55.

Insider Transactions at First Bancorp

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

Institutional Investors Weigh In On First Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its holdings in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after buying an additional 689 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in shares of 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 acquiring an additional 381 shares during the period. Quadrant Capital Group LLC bought a new position in First Bancorp during the 3rd quarter worth approximately $188,000. BNP Paribas Financial Markets boosted its stake in First Bancorp by 47.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock worth $191,000 after acquiring an additional 1,393 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in First Bancorp by 157.4% during the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 2,740 shares during the period. Institutional investors own 68.36% of the company’s stock.

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.