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

First Bancorp (NASDAQ:FBNC) announced its quarterly earnings results on Wednesday. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07, FiscalAI reports. The company had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.43% and a net margin of 22.12%.

First Bancorp Stock Up 1.1%

NASDAQ:FBNC opened at $63.27 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The firm’s 50-day moving average price is $61.42 and its 200-day moving average price is $58.89. The company has a market capitalization of $2.62 billion, a PE ratio of 19.65 and a beta of 0.80. First Bancorp has a 1-year low of $45.04 and a 1-year high of $66.54.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be given a $0.24 dividend. The ex-dividend date of this dividend 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 is currently 29.81%.

Wall Street Analyst Weigh In

Several brokerages have commented on FBNC. Keefe, Bruyette & Woods upped 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. Raymond James Financial boosted their price target on shares of First Bancorp from $68.00 to $75.00 and gave the company 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 issued a “neutral” rating and a $65.75 price target for the company. Finally, Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.55.

Insider Transactions at First Bancorp

In related 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 transaction of $2,596,499.92. Following the sale, the director owned 41,491 shares of the company’s stock, 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 legal filing with the SEC, which is available at this link. 2.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Bancorp

Several large investors have recently made changes to their positions in FBNC. Bank of Montreal Can raised its stake in First Bancorp by 6.9% during the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 305 shares during the period. Amundi boosted 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 worth $371,000 after buying an additional 345 shares during the period. Steward Partners Investment Advisory LLC increased its stake 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 worth $42,000 after buying an additional 381 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in First Bancorp by 1.7% during the fourth quarter. Russell Investments Group Ltd. now owns 30,985 shares of the financial services provider’s stock valued at $1,574,000 after acquiring an additional 509 shares during the period. Finally, Creative Planning boosted its stake in shares of First Bancorp by 4.9% in the third quarter. Creative Planning now owns 12,284 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 579 shares during the period. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

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.