First Bancorp (NASDAQ:FBNC – Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $126.07 million.
First Bancorp Trading Down 2.9%
Shares of NASDAQ:FBNC traded down $1.88 during trading on Wednesday, hitting $62.61. 326,052 shares of the company’s stock were exchanged, compared to its average volume of 246,245. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.59 billion, a P/E ratio of 21.37 and a beta of 0.80. The firm has a 50-day moving average price of $61.22 and a two-hundred day moving average price of $58.72. 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 declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders 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%.
Analyst Ratings Changes
Get Our Latest Analysis on First Bancorp
Insiders Place Their Bets
In related news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.04% of the stock is owned by corporate insiders.
Institutional Trading of First Bancorp
Several institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada boosted its position in shares of First Bancorp by 6.8% in the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock worth $1,749,000 after purchasing an additional 2,781 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of First Bancorp during the first quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 1,160 shares during the last quarter. Millennium Management LLC acquired a new position in First Bancorp in the first quarter valued at about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in First Bancorp by 6.4% in 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 valued at $10,383,000 after buying an additional 15,570 shares during the period. Institutional investors own 68.36% of the company’s stock.
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.
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