First Bancorp (NASDAQ:FBNC) Releases Earnings Results, Beats Estimates By $0.11 EPS

First Bancorp (NASDAQ:FBNC) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.11, Zacks reports. First Bancorp had a net margin of 20.17% and a return on equity of 8.50%. The business had revenue of $143.42 million during the quarter, compared to the consensus estimate of $94.00 million.

First Bancorp Stock Performance

Shares of FBNC stock traded down $1.25 during trading on Friday, hitting $42.90. The company’s stock had a trading volume of 148,264 shares, compared to its average volume of 157,615. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.24. The company has a market cap of $1.77 billion, a PE ratio of 15.59 and a beta of 1.03. The business has a fifty day moving average of $32.82 and a 200-day moving average of $33.55. First Bancorp has a 52 week low of $26.00 and a 52 week high of $45.41.

First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.05%. First Bancorp’s dividend payout ratio is currently 31.77%.

Insiders Place Their Bets

In related news, Director Mary Clara Capel sold 1,015 shares of First Bancorp stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the sale, the director now owns 11,569 shares of the company’s stock, valued at approximately $347,648.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.65% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FBNC shares. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com cut First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $37.00.

About First Bancorp

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.