First Bancorp (NASDAQ:FBNC) Posts Earnings Results, Beats Estimates By $0.06 EPS

First Bancorp (NASDAQ:FBNC) issued its earnings results on Wednesday. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.06, FiscalAI reports. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. The company had revenue of $129.91 million for the quarter, compared to the consensus estimate of $130.01 million.

First Bancorp Stock Performance

FBNC stock opened at $61.04 on Thursday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 18.96 and a beta of 0.84. The firm has a 50-day simple moving average of $62.89 and a two-hundred day simple moving average of $61.60. First Bancorp has a one year low of $47.53 and a one year high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.6%. The ex-dividend date is Wednesday, September 30th. First Bancorp’s payout ratio is 29.81%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on FBNC shares. Zacks Research downgraded First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, September 21st. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Keefe, Bruyette & Woods raised their price target on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Piper Sandler upped their price objective on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial downgraded shares of First Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $72.00 to $71.00 in a research note on Tuesday, October 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $67.94.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.