First Bancorp (NASDAQ:FBNC) Releases Earnings Results, Beats Expectations By $0.04 EPS

First Bancorp (NASDAQ:FBNC) released its earnings results on Wednesday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04, FiscalAI reports. First Bancorp had a net margin of 20.59% and a return on equity of 10.99%. The business had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million.

First Bancorp Trading Down 0.7%

Shares of FBNC traded down $0.44 during mid-day trading on Friday, reaching $59.12. The stock had a trading volume of 34,531 shares, compared to its average volume of 239,833. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.83 and a quick ratio of 0.83. First Bancorp has a 52-week low of $39.42 and a 52-week high of $62.64. The business’s fifty day moving average is $57.22 and its 200 day moving average is $54.33. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 20.18 and a beta of 0.84.

First Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be issued a $0.24 dividend. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, March 31st. First Bancorp’s payout ratio is currently 35.82%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FBNC. Weiss Ratings raised shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 20th. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price for the company in a report on Wednesday, January 7th. Finally, Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.25.

Insider Activity

In related news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total value of $296,550.00. Following the completion of the sale, the insider owned 20,400 shares of the company’s stock, valued at approximately $1,209,924. This represents a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 10,142 shares of company stock valued at $592,276 over the last ninety days. Corporate insiders own 2.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Verition Fund Management LLC acquired a new position in First Bancorp in the fourth quarter valued at about $274,000. Balyasny Asset Management L.P. acquired a new position in First Bancorp in the fourth quarter valued at about $274,000. Brevan Howard Capital Management LP acquired a new position in First Bancorp in the third quarter valued at about $242,000. Bank of Montreal Can lifted its position in First Bancorp by 6.9% in the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after buying an additional 305 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in First Bancorp in the third quarter valued at about $235,000. Institutional investors and hedge funds 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.