First Bancorp (NASDAQ:FBNC) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

First Bancorp (NASDAQ:FBNC - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.05, Zacks reports. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The company had revenue of $111.02 million during the quarter, compared to analyst estimates of $109.22 million.

First Bancorp Stock Performance

First Bancorp stock traded up $0.88 on Friday, reaching $50.13. 919,713 shares of the stock were exchanged, compared to its average volume of 281,494. The stock has a market cap of $2.08 billion, a PE ratio of 21.42 and a beta of 0.87. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. First Bancorp has a twelve month low of $34.50 and a twelve month high of $50.34. The firm has a fifty day moving average price of $43.71 and a two-hundred day moving average price of $42.01.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.44%. First Bancorp's dividend payout ratio is 39.32%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FBNC shares. Stephens lifted their price objective on shares of First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Piper Sandler started coverage on shares of First Bancorp in a research note on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, First Bancorp has an average rating of "Hold" and an average price target of $50.33.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new position in shares of First Bancorp during the first quarter valued at about $4,046,000. Jane Street Group LLC acquired a new position in First Bancorp in the first quarter worth about $2,602,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider's stock worth $10,383,000 after purchasing an additional 15,570 shares in the last quarter. AQR Capital Management LLC acquired a new position in First Bancorp in the first quarter worth about $318,000. Finally, Intech Investment Management LLC raised its position in First Bancorp by 23.0% in the first quarter. Intech Investment Management LLC now owns 30,486 shares of the financial services provider's stock worth $1,224,000 after purchasing an additional 5,693 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

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.