First Bancorp (NASDAQ:FBNC) Trading Up 6.1% Following Better-Than-Expected Earnings

First Bancorp (NASDAQ:FBNC - Get Free Report) traded up 6.1% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $49.95 and last traded at $49.75. 150,448 shares traded hands during trading, a decline of 23% from the average session volume of 194,766 shares. The stock had previously closed at $46.90.

The financial services provider reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.05. The business had revenue of $111.02 million during the quarter, compared to the consensus estimate of $109.22 million. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%.

First Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.44%. First Bancorp's dividend payout ratio is currently 43.60%.

Analyst Upgrades and Downgrades

FBNC has been the topic of several analyst reports. Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Piper Sandler assumed coverage on shares of First Bancorp in a research report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Stephens boosted their price target 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $50.33.

Hedge Funds Weigh In On First Bancorp

Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of First Bancorp during the 1st quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. lifted its position in First Bancorp by 1,412.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider's stock worth $38,000 after buying an additional 876 shares in the last quarter. Sterling Capital Management LLC lifted its position in First Bancorp by 807.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after buying an additional 1,123 shares in the last quarter. GAMMA Investing LLC lifted its position in First Bancorp by 33.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 475 shares during the period. Finally, Blue Trust Inc. acquired a new position in First Bancorp during the 1st quarter valued at about $128,000. Institutional investors own 68.36% of the company's stock.

First Bancorp Trading Up 6.5%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 23.67 and a beta of 0.87. The business's 50-day simple moving average is $43.41 and its 200-day simple moving average is $41.92.

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.

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