First Bancorp (NASDAQ:FBNC) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

First Bancorp (NASDAQ:FBNC) released its quarterly earnings data on Wednesday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04, FiscalAI reports. First Bancorp had a return on equity of 10.41% and a net margin of 19.24%.

First Bancorp Stock Performance

Shares of First Bancorp stock traded down $1.40 on Wednesday, hitting $57.77. The stock had a trading volume of 165,063 shares, compared to its average volume of 238,556. The company’s 50 day moving average price is $57.28 and its 200 day moving average price is $54.27. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 21.55 and a beta of 0.84. First Bancorp has a 52-week low of $38.51 and a 52-week high of $62.64.

First Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Tuesday, March 31st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. First Bancorp’s dividend payout ratio (DPR) is presently 35.82%.

Insider Buying and Selling

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider directly owned 20,400 shares of the company’s stock, valued at $1,209,924. This represents a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 10,142 shares of company stock worth $592,276. 2.04% of the stock is owned by corporate insiders.

Institutional Trading of First Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 381 shares during the last quarter. Quadrant Capital Group LLC purchased a new stake in First Bancorp during the 3rd quarter valued at approximately $188,000. BNP Paribas Financial Markets raised its stake in First Bancorp by 47.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 1,393 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in First Bancorp by 157.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock valued at $198,000 after acquiring an additional 2,740 shares during the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FBNC has been the subject of several research reports. Raymond James Financial raised 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. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Piper Sandler downgraded First Bancorp from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $58.00 to $64.00 in a report on Saturday, February 7th. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings raised First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.25.

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.