First Bancorp (NASDAQ:FBNC) Announces Quarterly Earnings Results, Misses Expectations By $0.07 EPS

First Bancorp (NASDAQ:FBNC) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.07), Fidelity Earnings reports. The company had revenue of $69.28 million for the quarter, compared to the consensus estimate of $68.73 million. First Bancorp had a return on equity of 11.32% and a net margin of 29.58%.

Shares of First Bancorp stock opened at $35.79 on Friday. The business’s fifty day simple moving average is $39.50 and its 200 day simple moving average is $37.30. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.36. First Bancorp has a 12 month low of $33.34 and a 12 month high of $41.34. The firm has a market capitalization of $1.11 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 3.67 and a beta of 1.13.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.18 per share. This is a positive change from First Bancorp’s previous quarterly dividend of $0.12. This represents a $0.72 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Monday, December 30th. First Bancorp’s dividend payout ratio (DPR) is 23.23%.

In other news, Director Mary Clara Capel sold 1,000 shares of First Bancorp stock in a transaction on Monday, November 25th. The stock was sold at an average price of $39.25, for a total transaction of $39,250.00. Following the sale, the director now directly owns 13,012 shares in the company, valued at approximately $510,721. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas F. Phillips sold 763 shares of First Bancorp stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $40.50, for a total value of $30,901.50. Following the sale, the director now owns 82,102 shares in the company, valued at $3,325,131. The disclosure for this sale can be found here. In the last three months, insiders sold 13,521 shares of company stock worth $520,953. Insiders own 2.37% of the company’s stock.

Several research firms recently weighed in on FBNC. ValuEngine upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, January 16th. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Friday, December 13th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $43.67.

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Earnings History for First Bancorp (NASDAQ:FBNC)

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