First Bancorp (NASDAQ:FBNC) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• First Bancorp beat earnings expectations: Quarterly EPS was $1.24, exceeding the $1.18 consensus estimate by $0.06, while revenue of $129.91 million was slightly below estimates.
• The company declared a quarterly dividend of $0.24 per share, equal to $0.96 annually and a 1.6% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $67.94, compared with the stock’s reported trading price of $61.04.

First Bancorp (NASDAQ:FBNC - Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.06, FiscalAI reports. The company had revenue of $129.91 million for 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 Price Performance

FBNC stock traded down $0.53 during mid-day trading on Wednesday, reaching $61.04. 181,874 shares of the company's stock were exchanged, compared to its average volume of 233,564. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. First Bancorp has a 12-month low of $47.53 and a 12-month high of $66.78. The stock's 50 day moving average is $62.98 and its 200 day moving average is $61.57. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 18.96 and a beta of 0.84.

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.6%. First Bancorp's dividend payout ratio is currently 29.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James Financial lowered First Bancorp from a "strong-buy" rating to an "outperform" rating and dropped their price target for the stock from $72.00 to $71.00 in a research note on Tuesday, October 6th. Zacks Research downgraded shares of First Bancorp from a "hold" rating to a "strong sell" rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods raised their price target on shares of First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Piper Sandler raised their target price on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $67.94.

First Bancorp Company Profile

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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