First Bancorp (NASDAQ:FBNC) Announces Quarterly Earnings Results

Key Points

• First Bancorp reported a quarterly earnings per share (EPS) of $1.01, exceeding the consensus estimate of $0.93 by $0.08, alongside a net margin of 17.65% and a return on equity of 8.96%.
• The company announced a dividend increase to $0.23 per share, which will be paid on October 25th, up from the previous $0.18, resulting in an annualized yield of 1.9%.
• Analysts have varying outlooks on FBNC, with price targets raised by several firms; Keefe, Bruyette & Woods increased their target to $62.00, while Zacks Research downgraded it to a "hold" rating.

First Bancorp (NASDAQ:FBNC - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.93 by $0.08, Zacks reports. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%.

First Bancorp Trading Down 0.4%

Shares of FBNC traded down $0.19 during midday trading on Wednesday, hitting $48.60. 164,258 shares of the stock were exchanged, compared to its average volume of 217,243. First Bancorp has a 52-week low of $34.50 and a 52-week high of $56.45. The stock has a fifty day simple moving average of $52.75 and a 200 day simple moving average of $46.43. The firm has a market cap of $2.02 billion, a P/E ratio of 20.77 and a beta of 1.01. 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.23 per share. This is an increase from First Bancorp's previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 30th. First Bancorp's dividend payout ratio (DPR) is 39.32%.

Analyst Upgrades and Downgrades

FBNC has been the subject of several research reports. Keefe, Bruyette & Woods boosted their price objective on First Bancorp from $53.00 to $62.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 2nd. Stephens boosted their price objective on First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Piper Sandler boosted their price objective on First Bancorp from $48.00 to $51.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Zacks Research lowered First Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of First Bancorp in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, First Bancorp has a consensus rating of "Hold" and an average price target of $56.67.

Institutional Trading of First Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of FBNC. EverSource Wealth Advisors LLC grew its holdings in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock worth $32,000 after purchasing an additional 689 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of First Bancorp by 47.6% during the second quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider's stock worth $191,000 after purchasing an additional 1,393 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of First Bancorp by 157.4% during the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider's stock worth $198,000 after purchasing an additional 2,740 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of First Bancorp during the second quarter worth about $207,000. Finally, Amundi purchased a new position in shares of First Bancorp during the second quarter worth about $319,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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