First Bancorp (NASDAQ:FBNC – Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.18 by $0.06, FiscalAI reports. The company had revenue of $129.91 million during the quarter, compared to analyst estimates of $130.01 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.
First Bancorp Stock Performance
First Bancorp stock traded down $0.53 during mid-day trading on Wednesday, hitting $61.04. 181,874 shares of the company’s stock traded hands, compared to its average volume of 233,564. The firm has a 50 day moving average price of $62.98 and a 200 day moving average price of $61.57. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.53 billion, a PE ratio of 18.96 and a beta of 0.84. First Bancorp has a one year low of $47.53 and a one year high of $66.78.
First Bancorp Announces Dividend
The firm 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.96 annualized dividend and a yield of 1.6%. First Bancorp’s payout ratio is presently 29.81%.
Analysts Set New Price Targets
Several analysts recently issued reports on FBNC shares. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Raymond James Financial downgraded First Bancorp from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $72.00 to $71.00 in a research note on Tuesday, October 6th. Zacks Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods raised their target price on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, Piper Sandler boosted their price target on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $67.94.
Check Out Our Latest Report on First Bancorp
About First Bancorp
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.
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