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

First Bancorp (NASDAQ:FBNC) announced its quarterly earnings results on Wednesday. The financial services provider reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.06, FiscalAI reports. First Bancorp had a return on equity of 11.76% and a net margin of 26.81%. The company had revenue of $129.91 million during the quarter, compared to analysts’ expectations of $130.01 million.

First Bancorp Trading Up 0.2%

NASDAQ FBNC opened at $64.06 on Friday. First Bancorp has a 52 week low of $47.53 and a 52 week 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 stock’s 50 day moving average price is $62.84 and its two-hundred day moving average price is $61.66. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 19.85 and a beta of 0.84.

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp’s payout ratio is presently 29.81%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FBNC shares. Keefe, Bruyette & Woods increased their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Zacks Research lowered shares of First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, September 21st. Piper Sandler upped their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday. Raymond James Financial downgraded First Bancorp from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $72.00 to $71.00 in a research note on Tuesday, October 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $68.19.

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.