First Bancorp (NASDAQ:FBNC) Posts Quarterly Earnings Results, Meets Estimates

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, meeting the consensus estimate of $0.70, Yahoo Finance reports. The business had revenue of $144.99 million for the quarter, compared to analysts’ expectations of $97.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%.

First Bancorp Trading Down 1.5 %

Shares of First Bancorp stock traded down $0.63 during trading on Friday, hitting $40.94. 154,405 shares of the company were exchanged, compared to its average volume of 161,396. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $1.69 billion, a P/E ratio of 14.78 and a beta of 1.03. The firm’s fifty day moving average price is $42.05 and its 200 day moving average price is $36.67. First Bancorp has a 1-year low of $27.45 and a 1-year high of $45.41.

Insider Activity at First Bancorp

In related news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the completion of the transaction, the director now owns 65,618 shares in the company, valued at approximately $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now directly owns 65,618 shares in the company, valued at approximately $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the sale, the director now owns 67,654 shares of the company’s stock, valued at $2,974,069.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.65% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FBNC has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. StockNews.com cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday.

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.