First Bancorp (NASDAQ:FBNC) Sets New 1-Year High on Earnings Beat

First Bancorp (NASDAQ:FBNC) reached a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $60.25 and last traded at $59.9760, with a volume of 52873 shares traded. The stock had previously closed at $57.75.

The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%.The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $123.43 million.

First Bancorp Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently issued reports on FBNC. Raymond James Financial upgraded 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 lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Hedge Funds Weigh In On First Bancorp

Several large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its stake in shares of First Bancorp by 183.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 358 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 during the last quarter. Quest 10 Wealth Builders Inc. purchased a new position in First Bancorp during the third quarter worth about $34,000. GAMMA Investing LLC grew its position in First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in First Bancorp in the 3rd quarter valued at about $115,000. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Stock Performance

The company’s 50 day simple moving average is $52.65 and its 200 day simple moving average is $51.56. 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 stock has a market cap of $2.49 billion, a PE ratio of 22.41 and a beta of 0.89.

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.