First Bancorp (NASDAQ:FBNC) Trading 6.1% Higher Following Earnings Beat

First Bancorp (NASDAQ:FBNC - Get Free Report) shares traded up 6.1% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $49.95 and last traded at $49.75. 150,448 shares were traded 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. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The business had revenue of $111.02 million for the quarter, compared to the consensus estimate of $109.22 million.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.39%. First Bancorp's dividend payout ratio is 39.32%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Piper Sandler assumed coverage on First Bancorp in a research note on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price target for the company. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods raised their price target on First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Stephens reissued an "overweight" rating and set a $57.00 price objective (up previously from $53.00) on shares of First Bancorp in a research report on Monday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $52.67.

Hedge Funds Weigh In On First Bancorp

Several large investors have recently modified their holdings of the stock. KLP Kapitalforvaltning AS raised its position in shares of First Bancorp by 16.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 9,100 shares of the financial services provider's stock worth $403,000 after purchasing an additional 1,300 shares during the last quarter. ZWJ Investment Counsel Inc. purchased a new position in shares of First Bancorp in the 2nd quarter worth about $236,000. Truist Financial Corp increased its holdings in First Bancorp by 16.3% in the 2nd quarter. Truist Financial Corp now owns 16,603 shares of the financial services provider's stock worth $732,000 after buying an additional 2,322 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in First Bancorp by 7.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 24,642 shares of the financial services provider's stock worth $1,085,000 after buying an additional 1,732 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider's stock worth $84,000 after buying an additional 475 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Price Performance

The firm has a fifty day moving average of $43.71 and a 200 day moving average of $42.01. The company has a market capitalization of $2.14 billion, a P/E ratio of 22.07 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 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.