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

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

First Bancorp Stock Up 1.8%

FBNC traded up $0.88 during trading on Friday, reaching $50.13. 919,713 shares of the stock traded hands, compared to its average volume of 285,536. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 21.42 and a beta of 0.87. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $50.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock's 50-day simple moving average is $43.71 and its two-hundred day simple moving average is $42.01.

First Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors 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 payout ratio is 39.32%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Keefe, Bruyette & Woods raised their target price on First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a research report on Thursday. Piper Sandler assumed coverage on First Bancorp in a research report on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 target price for the company. Stephens raised their target price on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, First Bancorp has an average rating of "Hold" and a consensus price target of $50.33.

Institutional Trading of First Bancorp

A number of institutional investors have recently bought and sold shares of FBNC. AQR Capital Management LLC acquired a new stake in shares of First Bancorp in the first quarter worth about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock worth $961,000 after buying an additional 1,160 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of 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 buying an additional 5,693 shares during the last quarter. Royal Bank of Canada lifted its position in shares of First Bancorp by 6.8% in the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock worth $1,749,000 after buying an additional 2,781 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of First Bancorp in the first quarter worth about $2,602,000. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Company Profile

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.