First Bancorp (NASDAQ:FBNC) Issues Quarterly Earnings Results
First Bancorp (NASDAQ:FBNC) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.02, MarketWatch Earnings reports. The business had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million. First Bancorp had a return on equity of 7.60% and a net margin of 17.03%.
First Bancorp (NASDAQ:FBNC) traded up 2.77% during midday trading on Wednesday, hitting $32.60. The company had a trading volume of 33,213 shares. The firm has a 50-day moving average price of $30.61 and a 200-day moving average price of $29.56. First Bancorp has a 12 month low of $18.21 and a 12 month high of $32.99. The company has a market cap of $803.72 million, a price-to-earnings ratio of 24.42 and a beta of 1.19.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Wednesday, June 28th. First Bancorp’s dividend payout ratio (DPR) is 23.88%.
Several brokerages have weighed in on FBNC. Zacks Investment Research downgraded First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, July 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a report on Monday, June 26th. Brean Capital began coverage on First Bancorp in a report on Friday, June 9th. They issued a “buy” rating and a $33.00 price target for the company. Finally, ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $32.00.
In related news, insider Eric P. Credle acquired 1,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was bought at an average cost of $29.89 per share, with a total value of $29,890.00. Following the transaction, the insider now owns 26,674 shares of the company’s stock, valued at $797,285.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 2,500 shares of company stock valued at $73,195 over the last ninety days. 2.37% of the stock is owned by insiders.
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About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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