First Bancorp (NASDAQ:FBNC) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

First Bancorp (NASDAQ:FBNC) posted its quarterly earnings data on Wednesday. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.06, FiscalAI reports. The company had revenue of $129.91 million during the quarter, compared to analysts’ expectations of $130.01 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%.

First Bancorp Price Performance

Shares of FBNC traded down $0.53 during trading hours on Wednesday, hitting $61.04. 181,874 shares of the stock were exchanged, compared to its average volume of 233,564. The stock’s 50-day moving average price is $62.98 and its two-hundred day moving average price is $61.57. First Bancorp has a 12-month low of $47.53 and a 12-month high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 18.96 and a beta of 0.84.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Wednesday, September 30th. First Bancorp’s payout ratio is presently 29.81%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial downgraded shares of First Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $72.00 to $71.00 in a research report on Tuesday, October 6th. Piper Sandler raised their price target on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Zacks Research cut First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $67.94.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.