First Bancorp (NASDAQ:FBNC) Announces Earnings Results

First Bancorp (NASDAQ:FBNC) released its earnings results on Wednesday. The financial services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates 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 Up 4.8%

NASDAQ:FBNC traded up $2.75 during mid-day trading on Wednesday, hitting $60.50. 416,692 shares of the company’s stock traded hands, compared to its average volume of 260,961. First Bancorp has a twelve month low of $34.50 and a twelve month high of $60.77. The company has a market capitalization of $2.51 billion, a P/E ratio of 25.42 and a beta of 0.89. 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 fifty day moving average of $52.23 and a 200 day moving average of $51.43.

First Bancorp Dividend Announcement

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

Institutional Trading of First Bancorp

Large investors have recently bought and sold shares of the stock. Amundi increased its holdings in First Bancorp by 5.1% in the 3rd quarter. Amundi now owns 7,154 shares of the financial services provider’s stock worth $371,000 after acquiring an additional 345 shares in the last quarter. Creative Planning grew its position in shares of First Bancorp by 4.9% in the third quarter. Creative Planning now owns 12,284 shares of the financial services provider’s stock valued at $650,000 after purchasing an additional 579 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of First Bancorp by 5.1% during the second quarter. The Manufacturers Life Insurance Company now owns 21,360 shares of the financial services provider’s stock worth $942,000 after purchasing an additional 1,033 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of First Bancorp by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after purchasing an additional 1,160 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Wall Street Analysts Forecast Growth

FBNC has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a research report on Wednesday, January 7th. Zacks Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Finally, Wall Street Zen cut First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

About First Bancorp

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.