First Bancorp (NASDAQ:FBNC) Issues Earnings Results

by · The Cerbat Gem

First Bancorp (NASDAQ:FBNC – Get Free Report) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.16, Zacks reports. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%.

First Bancorp Stock Performance

FBNC stock traded up $2.75 during midday trading on Wednesday, hitting $60.50. The company’s stock had a trading volume of 416,692 shares, compared to its average volume of 260,961. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 25.42 and a beta of 0.89. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $52.23 and its 200 day moving average price is $51.43. First Bancorp has a 1 year low of $34.50 and a 1 year high of $60.77.

First Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Wednesday, December 31st. First Bancorp’s dividend payout ratio (DPR) is 38.66%.

Analyst Ratings Changes

A number of equities research analysts have commented on FBNC shares. Zacks Research cut shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Wall Street Zen lowered First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a research note on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.00.

Check Out Our Latest Research Report on FBNC

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently bought and sold shares of FBNC. Royal Bank of Canada increased its holdings in First Bancorp by 6.8% in the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock worth $1,749,000 after acquiring an additional 2,781 shares during the last quarter. AQR Capital Management LLC bought a new stake in First Bancorp during the 1st quarter worth approximately $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 in the last quarter. Millennium Management LLC bought a new stake in shares of First Bancorp during the 1st quarter valued at about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Bancorp by 6.4% during 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 valued at $10,383,000 after purchasing an additional 15,570 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Company Profile

(Get Free Report)

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.

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