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

First Bancorp (NASDAQ:FBNC) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11, Zacks reports. The company had revenue of $143.42 million for the quarter, compared to the consensus estimate of $94.00 million. First Bancorp had a net margin of 20.58% and a return on equity of 8.62%.

First Bancorp Price Performance

Shares of NASDAQ FBNC traded up $4.81 during midday trading on Thursday, reaching $44.15. The stock had a trading volume of 869,202 shares, compared to its average volume of 157,735. The stock has a 50-day moving average of $32.58 and a 200-day moving average of $33.48. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 16.10 and a beta of 1.03. First Bancorp has a 12-month low of $26.00 and a 12-month high of $45.41.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a yield of 1.99%. First Bancorp’s dividend payout ratio is currently 31.77%.

Insider Transactions at First Bancorp

In other news, Director Mary Clara Capel sold 1,015 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 11,569 shares of the company’s stock, valued at $347,648.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. StockNews.com cut shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, First Bancorp currently has a consensus rating of “Hold” and a consensus target price of $37.00.

First Bancorp Company Profile

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.