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

Key Points

• First Bancorp reported quarterly EPS of $1.13, beating consensus by $0.04 (consensus $1.09) and posting a return on equity of 10.41% and a net margin of 19.24%.
• The company increased its quarterly dividend to $0.24 (from $0.23), implying a $0.96 annualized payout and a roughly 1.7% yield, with record date March 31 and payment on April 27.
• Shares fell about 2.4% to $57.77 on the news; analysts hold a consensus "Moderate Buy" rating with a $61.25 price target.

First Bancorp (NASDAQ:FBNC - Get Free Report) issued its quarterly earnings data on Wednesday. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates 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 Down 2.4%

FBNC traded down $1.40 on Wednesday, hitting $57.77. 165,063 shares of the company were exchanged, compared to its average volume of 238,556. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 21.55 and a beta of 0.84. 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 firm has a 50-day moving average price of $57.28 and a two-hundred day moving average price of $54.27. First Bancorp has a twelve month low of $38.51 and a twelve month high of $62.64.

First Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from First Bancorp's previous quarterly dividend of $0.23. First Bancorp's payout ratio is presently 35.82%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FBNC. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Piper Sandler cut First Bancorp from an "overweight" rating to a "neutral" rating and boosted their target price for the stock from $58.00 to $64.00 in a research note on Saturday, February 7th. Zacks Research raised First Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. 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 research note on Wednesday, January 7th. Finally, Weiss Ratings raised First Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, First Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.25.

Insider Activity

In other news, insider Mary Clara Capel sold 5,000 shares of the company's stock in a transaction dated 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 transaction, the insider directly owned 20,400 shares of the company's stock, valued at approximately $1,209,924. This represents a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 10,142 shares of company stock worth $592,276. Corporate insiders own 2.04% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its position in shares of 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 worth $32,000 after acquiring an additional 689 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of 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 worth $42,000 after acquiring an additional 381 shares in the last quarter. Quadrant Capital Group LLC acquired a new position in shares of First Bancorp during the 3rd quarter worth about $188,000. Blair William & Co. IL acquired a new position in shares of First Bancorp during the 3rd quarter worth about $214,000. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of First Bancorp during the 3rd quarter worth about $228,000. 68.36% of the stock is owned by institutional investors and hedge funds.

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.

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