First Bancorp (NASDAQ:FBNC) Announces Earnings Results

First Bancorp (NASDAQ:FBNC) announced its earnings results on Wednesday. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16, Zacks reports. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%.The company had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million.

First Bancorp Stock Up 0.7%

Shares of First Bancorp stock opened at $60.95 on Friday. First Bancorp has a one year low of $34.50 and a one year high of $62.31. The firm has a fifty day moving average of $52.65 and a two-hundred day moving average of $51.56. The company has a market cap of $2.53 billion, a P/E ratio of 22.74 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Wednesday, December 31st. First Bancorp’s dividend payout ratio (DPR) is 38.66%.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FBNC. CIBC Bancorp USA Inc. acquired a new stake in shares of First Bancorp during the 3rd quarter valued at approximately $228,000. CANADA LIFE ASSURANCE Co boosted its position in shares of First Bancorp by 45.9% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 49,808 shares of the financial services provider’s stock worth $2,644,000 after buying an additional 15,667 shares in the last quarter. Dark Forest Capital Management LP raised its position in First Bancorp by 171.5% during the third quarter. Dark Forest Capital Management LP now owns 41,746 shares of the financial services provider’s stock worth $2,208,000 after acquiring an additional 26,372 shares during the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of First Bancorp in the third quarter valued at about $242,000. Finally, Bank of America Corp DE grew its position in shares of First Bancorp by 10.5% in the third quarter. Bank of America Corp DE now owns 200,667 shares of the financial services provider’s stock valued at $10,613,000 after purchasing an additional 19,118 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FBNC. Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a research report on Wednesday, January 7th. Finally, Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.00.

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.