First Bancorp (NASDAQ:FBNC) Stock, Quote.Headers.trade-ideas

First Bancorp

First Bancorp is a bank holding company. The company is engaged in providing commercial and consumer banking services, mortgage lending, SBA lending, accounts receivable financing, and investment advisory services.

Meta Platforms Inc.

ALTG

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Why Meta Platforms Shares Are Trading Higher; Here Are 20 Stocks Moving Premarket

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FCCO

UMBF

UMB Financial Corporation (NASDAQ: UMBF) is gaining from balance-sheet strength on the back of increasing loan and deposit balances. Also, steady capital distributions are backed by a decent liquidity position. However, intense competition, along with elevated expenses, are major headwinds.

UMB Financial Thrives on Loan Growth Amid Rising Costs

Adding Synovus Financial Corp. (NYSE: SNV) stock to your portfolio seems to be a wise idea now. Supported by strong fundamentals, the company is well poised for growth.

5 Reasons to Add Synovus Stock to Your Portfolio Now

Janney Montgomery Scott analyst Christopher Marinac downgrades First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) from Buy to Neutral.

Downgrades

Janney Montgomery Scott Downgrades First Bancorp to Neutral

The Board of Directors of First&nbsp;Bancorp (NASDAQ - FBNC), the parent company of First Bank (the "Bank"), today announced the promotion of G. Adam Currie from President to Chief Executive Officer (CEO) of the Bank. Currie will replace Michael G. Mayer, who will remain as President of First Bancorp until early 2026.&nbsp;

Management

First Bank Announces The Promotion Of G. Adam Currie From President To Chief Executive Officer Of The Bank; Currie Will Replace Michael G. Mayer, Who Will Remain As President Of First Bancorp Until Early 2026.

Shares of Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) rose sharply in today's pre-market trading after the company reported better-than-expected <a href="https://www.benzinga.com/general/social-media/25/01/43322201/meta-platforms-q4-earnings-revenue-beat-eps-beat-daily-actives-up-5-continued-strong-revenue-growth-expected">fourth-quarter sales results</a>.
Meta reported fourth-quarter revenue of $48.39 billion, beating analyst estimates of $47.03 billion. The company reported fourth-quarter earnings of $8.02 per share, beating analyst estimates of $6.77 per share.
Meta shares gained 2.2% to $691.66 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Alterity Therapeutics Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATHE#NASDAQ">ATHE</a>) gained 105% to $6.13 in pre-market trading.</li>
<li>NanoVibronix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAOV#NASDAQ">NAOV</a>) rose 54.1% to $0.5853 in pre-market trading.</li>
<li>X4 Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XFOR#NASDAQ">XFOR</a>) gained 40.1% to $1.03 in pre-market trading after jumping more than 52% on Wednesday.</li>
<li>MGO Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGOL#NASDAQ">MGOL</a>) gained 21.9% to $0.1240 in pre-market trading after dipping over 38% on Wednesday.</li>
<li>Carisma Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARM#NASDAQ">CARM</a>) gained 18.4% to $0.5980 in pre-market trading.</li>
<li>Alta Equipment Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTG#NYSE">ALTG</a>) rose 14.1% to $8.01 in pre-market trading.</li>
<li>Celestica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLS#NYSE">CLS</a>) shares jumped 13.1% to $113.66 in pre-market trading after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance above estimates.</li>
<li>Ranger Energy Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNGR#NYSE">RNGR</a>) gained 10.5% to $19.00 in pre-market trading.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose 2.9% to $400.23 in pre-market trading. Tesla reported weaker-than-expected fourth-quarter earnings and sales results. The company, meanwhile, said it expects its vehicle business to return to growth in 2025. Tesla also promised to launch new and &#8220;more affordable&#8221; models in the first half of 2025, in addition to other promises regarding the deployment of autonomous vehicles and licensing of the company&#8217;s full self-driving (FSD) driver assistance software to rivals.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>CARGO Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRGX#NASDAQ">CRGX</a>) shares fell 74.3% to $3.39 in pre-market trading after the company announced it discontinued its FIRCE-1 Phase 2 study.</li>
<li>Nature&#8217;s Sunshine Products, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NATR#NASDAQ">NATR</a>) dipped 46.6% to $8.00 in pre-market trading.</li>
<li>Silexion Therapeutics Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLXN#NASDAQ">SLXN</a>) shares fell 32.4% to $2.12 in pre-market trading. Silexion Therapeutics announced exercise of warrants for $3.3 million gross proceeds.</li>
<li>Avalon Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AWX#NYSE">AWX</a>) fell 19.2% to $2.90 in today's pre-market trading.</li>
<li>Coincheck Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNCK#NASDAQ">CNCK</a>) shares dipped 17.1% to $7.00 in pre-market trading after falling 4% on Wednesday.</li>
<li>Varex Imaging Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VREX#NASDAQ">VREX</a>) shares tumbled 12.2% to $11.94 in pre-market trading. Varex Imaging will report unaudited financial results for the first quarter of fiscal year 2025 following the close of regular trading on Thursday, Feb. 6.</li>
<li>Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>) fell 10.6% to $116.00 in pre-market trading after the company reported worse-than-expected fourth-quarter revenue results and issued FY25 guidance below estimates.</li>
<li>ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) fell 9.4% to $1,035.79 in pre-market trading after the company reported worse-than-expected quarterly revenue results.</li>
<li>Orthofix Medical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OFIX#NASDAQ">OFIX</a>) declined 9.1% to $17.01 in pre-market trading. Orthofix Medical will release its fourth quarter and full-year 2024 financial results on Tuesday, Feb. 25, before the opening bell.</li>
<li>First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) fell 6.8% to $41.00 in pre-market trading following fourth-quarter earnings.</li>
</ul>
Now Read This: 
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</ul>

Earnings Misses

First Bancorp Q4 EPS $0.08

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) with a Outperform and raises the price target from $49 to $56.

Price Target

Keefe, Bruyette & Woods Maintains Outperform on First Bancorp, Raises Price Target to $56

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Shares of banking-related companies are trading higher after Donald Trump won the US presidential election.

First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) reported quarterly earnings of $0.70 per share which met the analyst consensus estimate. This is a 4.11 percent decrease over earnings of $0.73 per share from the same period last year.

First Bancorp Q3 Adj EPS $0.70, Inline

First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) reported quarterly earnings of $0.45 per share which missed the analyst consensus estimate of $0.70 by 35.71 percent. This is a 38.36 percent decrease over earnings of $0.73 per share from the same period last year.

First Bancorp Q3 EPS $0.45 Misses $0.70 Estimate

UMB Financial Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/umbf#NASDAQ">UMBF</a>) is gaining from balance-sheet strength on the back of increasing loan and deposit balances. Also, steady capital distributions are backed by a decent liquidity position. However, intense competition, along with elevated expenses, are major headwinds.
UMB Financial has a healthy balance sheet position. The company witnessed impressive net loan growth in the last three years (2020-2023), with compounded annual growth rate (CAGR) of 13%. Also, deposits saw a CAGR of 9.8% in the same time frame. The rising trend continued for both metrics in the first half of 2024. The acquisition of Heartland Financial will add meaningful loans and deposit balance, thus fortifying UMB Financial&#39;s balance sheet. Also, the strong deposit and loan pipeline are likely to support the company&#39;s financials.
UMBF has been diversifying its operations into non-interest sources to reduce the company&#39;s exposure on spread income. Non-interest income saw a CAGR of 6.2% for the four-year period that ended in 2023, with the rising trend continuing in the first half of 2024. The company&#39;s investment in revenue-producing capabilities is likely to support top-line growth. Going forward, diverse lines of business and verticals will keep aiding UMB Financial&#39;s non-interest income (NII).
The company&#39;s NII witnessed a CAGR of 8.2% in the last four years (ended 2023), with the uptrend continuing in the first half of 2024. UMBF&#39;s decent loan demand will further support the metric growth in the upcoming period. With the Federal Reserve indicating a rate cut beginning September 2024, the company&#39;s NII is likely to benefit further as funding costs will be stabilized.
As of Jun 30, 2024, UMB Financial had debt (comprising short-term and long-term debt) of $1.68 billion. Cash and due from banks and interest-bearing due from banks were $5.1 billion as of the same date. UMBF seems to be well placed in terms of its liquidity profile and expected to continue meeting the company&#39;s debt obligations even if the economic situation worsens.
UMB Financial has been raising dividends annually regularly since 2002, with the latest hike of 2.6% announced in October 2023. Also, the bank has a share repurchase plan in place. In the first quarter of 2024, the company approved the repurchase of up to one million shares of its common stock. These can take place at any point in time until its termination, following the 2025 annual meeting of the company&#39;s shareholders. The company has not repurchased any of its common shares to date. Given solid liquidity and a favorable debt-to-equity ratio and payout rate compared with the broader industry, its capital-distribution activities seem sustainable.
UMB Financial&#39;s return on equity (ROE) reflects its growth potential. The company&#39;s ROE of 14.23% compares favorably with 10.94% of the industry, reflecting UMFB&#39;s efficiency in using its shareholders&#39; funds.
The bank currently carries a Zacks Rank #2 (Buy). In the past three months, shares of UMBF have gained 15.8% compared with the industry&#39;s growth of 7.6%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cd/74754.jpg?v=1730101067" />
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for UMBF&#39;s current-year earnings has been revised upward in the past 30 days. This reflects that analysts are optimistic regarding its earnings growth potential.
Despite the above-mentioned tailwinds, cost escalation is the key concern for UMB Financial. The non-interest expenses flared up, seeing a CAGR of 6.4% in the last four years (2019-2023), with the trend continuing in the first half of 2024.
Though the company is focusing on improving its operating leverage, a rise in expenses based on higher salaries and employee benefits costs is likely to impede bottom-line growth in the upcoming period.
Additionally, the company faces intense competition in its business operations. The growing market share of FinTech companies and online service providers remains a key threat to traditional banks like UMB Financial. Also, these new entrants are not subject to the same level of regulations and supervision.
<h3>Other Stocks to Consider</h3>
A couple of other top-ranked finance stocks are First Community Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fcco#NASDAQ">FCCO</a>) and First Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fbnc#NASDAQ">FBNC</a>).
The consensus estimate for FCCO&#39;s current-year earnings has been revised 4.3% upward in the past 30 days. FCCO currently sports a Zacks Rank #1 (Strong Buy).
First Bancorp&#39;s current-year earnings estimate has been revised 11.3% upward in the past 30 days. FBNC currently carries a Zacks Rank #2.
<a href="https://www.zacks.com/stock/news/2324473/umb-financial-umbf-thrives-on-loan-growth-amid-rising-costs?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2324473">To read this article on Zacks.com click here.</a>

Adding Synovus Financial Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snv#NYSE">SNV</a>) stock to your portfolio seems to be a wise idea now. Supported by strong fundamentals, the company is well poised for growth.
The Zacks Consensus Estimate for SNV&#39;s 2024 earnings has been revised 4.9% upward in the past 30 days, indicating that analysts are optimistic regarding its earnings growth potential. SNV currently carries a Zacks Rank #2 (Buy).
In the past six months, the stock has risen 19.1% compared with the industry&#39;s growth of 16.9%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/77/74497.jpg?v=1605080004" />
Image Source: Zacks Investment Research
Let&#39;s delve into the other factors that make SNV an attractive investment option now.
Earnings Growth: The company&#39;s earnings have witnessed growth of 9.3% in the last three to five years. For 2024, SNV&#39;s earnings are expected to decline 1.5%, while the same is projected to rise 16% in 2025.
Synergy from Merger &amp; Acquisitions: SNV has been investing through mergers and acquisitions to enhance its operations and fortify its footprint in various areas. On Jun 1, 2023, Synovus acquired a 60% equity interest in Qualpay &mdash; a cloud-based platform that combines a payment gateway with a robust merchant processing solution. In 2019, it completed the acquisition of FCB Financial Holdings. It looks forward to tapping similar opportunities in the future as well.
Balance Sheet Strength: Synovus&#39; total debt (comprising long-term debt and other short-term borrowings) was $2.28 billion as of Jun 30, 2024, and cash and cash equivalents were $2.29 billion. The company enjoys long-term issuer credit ratings of BBB- and BBB from Standard &amp; Poor&#39;s and Fitch, respectively. This will likely enable the company to access the debt market at favorable rates. Given the company&#39;s decent cash levels and access to debt markets, it is expected to continue meeting debt obligations, even if the economic situation worsens.
Solid Capital Distributions: Synovus has an impressive capital deployment plan. In January 2024, the bank was authorized to repurchase shares up to $300 million of common stock. As of Jun 30, 2024, approximately $179.3 million worth of buyback authorization remained available. In March 2023, the company announced a 12% hike in its quarterly dividend to 38 cents per share after a 3% increase in 2022 and a 10% hike in 2020. Given the company&#39;s strong balance sheet and liquidity position, the continuation of its sustainable capital distribution activities will drive investors&#39; confidence in the stock.
Superior Return on Equity (ROE): Synovus&#39; trailing 12-month return on equity (ROE) reflects its superior utilization of shareholders&#39; funds. The company&#39;s ROE of 12.76% compares favorably with the industry&#39;s 9.07%.
<h3>Other Stocks Worth Considering</h3>
A couple of other top-ranked stocks from the same space are First Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fbnc#NASDAQ">FBNC</a>) and First Community Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fcco#NASDAQ">FCCO</a>), each currently carrying a Zacks Rank #2.
First Bancorp&#39;s current-year earnings estimates have been revised 11.3% upward in the past 30 days. FBNC shares have gained 18.5% over the past six months.
The consensus estimate for FCCO&#39;s current-year earnings has been revised 9.9% upward over the past 60 days. In the past six months, FCCO&#39;s shares have increased 24.6%.
<a href="https://www.zacks.com/stock/news/2323332/5-reasons-to-add-synovus-snv-stock-to-your-portfolio-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2323332">To read this article on Zacks.com click here.</a>

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) with a Outperform and raises the price target from $40 to $45.

Keefe, Bruyette & Woods Maintains Outperform on First Bancorp, Raises Price Target to $45

First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) reported quarterly earnings of $0.70 per share which beat the analyst consensus estimate of $0.59 by 18.64 percent. This is a 1.41 percent decrease over earnings of $0.71 per share from the same period last year.

Earnings Beats

First Bancorp Q2 EPS $0.70 Beats $0.59 Estimate

First Bancorp shares are trading lower after the company reported worse-than-expected Q1 EPS results.

First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) reported quarterly earnings of $0.61 per share which missed the analyst consensus estimate of $0.63 by 3.17 percent. This is a 64.86 percent increase over earnings of $0.37 per share from the same period last year.

First Bancorp Q1 EPS $0.61 Misses $0.63 Estimate

By the close of today, January 25, 2024, First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) will issue a dividend payout of $0.22 per share, resulting in an annualized dividend yield of 2.35%. This payout is exclusively for shareholders who held the stock before the ex-dividend date on December 28, 2023.
<h3>First Bancorp Recent Dividend Payouts</h3>
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<thead>
<tr>
<th>Ex-Date</th>
<th style="text-align: right;">Payments per year</th>
<th>Dividend</th>
<th>Yield</th>
<th>Announced</th>
<th>Record</th>
<th>Payable</th>
</tr>
</thead>
<tbody>
<tr>
<td>2023-12-28</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.35%</td>
<td>2023-12-15</td>
<td>2023-12-31</td>
<td>2024-01-25</td>
</tr>
<tr>
<td>2023-09-28</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>3.0%</td>
<td>2023-09-15</td>
<td>2023-09-30</td>
<td>2023-10-25</td>
</tr>
<tr>
<td>2023-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.65%</td>
<td>2023-06-15</td>
<td>2023-06-30</td>
<td>2023-07-25</td>
</tr>
<tr>
<td>2023-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.4%</td>
<td>2023-03-15</td>
<td>2023-03-31</td>
<td>2023-04-25</td>
</tr>
<tr>
<td>2022-12-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.04%</td>
<td>2022-12-15</td>
<td>2022-12-31</td>
<td>2023-01-25</td>
</tr>
<tr>
<td>2022-09-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.38%</td>
<td>2022-09-15</td>
<td>2022-09-30</td>
<td>2022-10-25</td>
</tr>
<tr>
<td>2022-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.53%</td>
<td>2022-06-15</td>
<td>2022-06-30</td>
<td>2022-07-25</td>
</tr>
<tr>
<td>2022-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.02%</td>
<td>2022-02-07</td>
<td>2022-03-31</td>
<td>2022-04-25</td>
</tr>
<tr>
<td>2021-12-30</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.78%</td>
<td>2021-12-15</td>
<td>2021-12-31</td>
<td>2022-01-25</td>
</tr>
<tr>
<td>2021-09-29</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>2.06%</td>
<td>2021-09-15</td>
<td>2021-09-30</td>
<td>2021-10-25</td>
</tr>
<tr>
<td>2021-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.92%</td>
<td>2021-06-15</td>
<td>2021-06-30</td>
<td>2021-07-25</td>
</tr>
<tr>
<td>2021-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.66%</td>
<td>2021-03-15</td>
<td>2021-03-31</td>
<td>2021-04-25</td>
</tr>
</tbody>
</table>
First Bancorp's dividend yield falls in the middle range when compared to its industry peers, with Northwest Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWBI#NASDAQ">NWBI</a>) having the highest annualized dividend yield at 6.25%.
<h3>Analyzing First Bancorp Financial Health</h3>
Companies that pay out steady cash dividends are attractive to income-seeking investors, and companies that are financially healthy tend to maintain their dividend payout schedule. For this reason, investors can find it insightful to see if a company has been increasing or decreasing their dividend payout schedule and if their earnings are growing. 
<h3>YoY Growth in Dividend Per Share</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1706195128_0.png" alt="dividend chart graph" />
The company demonstrated a positive dividend growth pattern from 2020 to 2023, with the dividend per share rising from $0.72 to $0.88. This signifies the company's commitment to consistently increasing shareholder dividends.
<h3>YoY Earnings Growth For First Bancorp</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1706195128_1.png" alt="earning chart graph" />
From 2020 to 2023, First Bancorp has demonstrated an upward trend in earnings, with earnings per share rising from $2.70 to $2.89. This positive earnings growth bodes well for investors looking to generate income through cash dividend payouts.
<h3>Recap</h3>
In this article, we explore the recent dividend payout of First Bancorp and its significance for shareholders. The company has decided to distribute a dividend of $0.22 per share today, which equates to an annualized dividend yield of 2.35%.
First Bancorp's dividend yield falls in the middle range when compared to its industry peers, with Northwest Bancshares having the highest annualized dividend yield at 6.25%.
The increase in both dividend per share and earnings per share from 2020 to 2023 for First Bancorp indicates a positive financial trend, suggesting their capacity to continue distributing profits to shareholders.
Investors should closely follow the company's performance in the coming quarters to stay up-to-date on any shifts in financials or dividend disbursements.
[See current stock movements First Bancorp on Benzinga.](https://www.benzinga.com/quote/First Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fbnc#NASDAQ">FBNC</a>))
This article was generated by Benzinga's automated content engine and reviewed by an editor.

NWBI

Overcoming Challenges and Adapting: First Bancorp Navigates to Reward InvestorsDriving Profitability and Investor Rewards: First Bancorp Delivers Strong Performance and Growing Profits

First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) reported quarterly earnings of $0.72 per share which beat the analyst consensus estimate of $0.65 by 10.77 percent. This is a 33.33 percent decrease over earnings of $1.08 per share from the same period last year.

First Bancorp Q4 EPS $0.72 Beats $0.65 Estimate

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Shares of broader financial stocks are trading higher amid overall market strength after October CPI data showed softer-than-expected inflation.

Piper Sandler analyst Stephen Scouten maintains First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) with a Overweight and lowers the price target from $34 to $32.

Piper Sandler Maintains Overweight on First Bancorp, Lowers Price Target to $32

At the end of October 25, 2023, First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>) will reward its shareholders with a dividend payout of $0.22 per share, demonstrating an annualized dividend yield of 3.00%. Remember, only investors who held the stock before the ex-dividend date on September 28, 2023 will receive this payout.
<h3>First Bancorp Recent Dividend Payouts</h3>
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 </style><table>
<thead>
<tr>
<th>Ex-Date</th>
<th style="text-align: right;">Payments per year</th>
<th>Dividend</th>
<th>Yield</th>
<th>Announced</th>
<th>Record</th>
<th>Payable</th>
</tr>
</thead>
<tbody>
<tr>
<td>2023-09-28</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>3.0%</td>
<td>2023-09-15</td>
<td>2023-09-30</td>
<td>2023-10-25</td>
</tr>
<tr>
<td>2023-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.65%</td>
<td>2023-06-15</td>
<td>2023-06-30</td>
<td>2023-07-25</td>
</tr>
<tr>
<td>2023-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.4%</td>
<td>2023-03-15</td>
<td>2023-03-31</td>
<td>2023-04-25</td>
</tr>
<tr>
<td>2022-12-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.04%</td>
<td>2022-12-15</td>
<td>2022-12-31</td>
<td>2023-01-25</td>
</tr>
<tr>
<td>2022-09-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.38%</td>
<td>2022-09-15</td>
<td>2022-09-30</td>
<td>2022-10-25</td>
</tr>
<tr>
<td>2022-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.53%</td>
<td>2022-06-15</td>
<td>2022-06-30</td>
<td>2022-07-25</td>
</tr>
<tr>
<td>2022-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.22</td>
<td>2.02%</td>
<td>2022-02-07</td>
<td>2022-03-31</td>
<td>2022-04-25</td>
</tr>
<tr>
<td>2021-12-30</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.78%</td>
<td>2021-12-15</td>
<td>2021-12-31</td>
<td>2022-01-25</td>
</tr>
<tr>
<td>2021-09-29</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>2.06%</td>
<td>2021-09-15</td>
<td>2021-09-30</td>
<td>2021-10-25</td>
</tr>
<tr>
<td>2021-06-29</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.92%</td>
<td>2021-06-15</td>
<td>2021-06-30</td>
<td>2021-07-25</td>
</tr>
<tr>
<td>2021-03-30</td>
<td style="text-align: right;">4</td>
<td>$0.2</td>
<td>1.66%</td>
<td>2021-03-15</td>
<td>2021-03-31</td>
<td>2021-04-25</td>
</tr>
<tr>
<td>2020-12-30</td>
<td style="text-align: right;">4</td>
<td>$0.18</td>
<td>2.16%</td>
<td>2020-12-15</td>
<td>2020-12-31</td>
<td>2021-01-25</td>
</tr>
</tbody>
</table>
When comparing First Bancorp's dividend yield against its industry peers, the company sits comfortably in the middle, with its peer Northwest Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWBI#NASDAQ">NWBI</a>) having the highest annualized dividend yield at 7.73%.
<h3>Analyzing First Bancorp Financial Health</h3>
Companies that pay out steady cash dividends are attractive to income-seeking investors, and companies that are financially healthy tend to maintain their dividend payout schedule. For this reason, investors can find it insightful to see if a company has been increasing or decreasing their dividend payout schedule and if their earnings are growing. 
<h3>YoY Growth in Dividend Per Share</h3>
<img src="https://www.benzinga.com/files/images/story/2023/1698246333_0.png" alt="dividend chart graph" />
The company demonstrated a positive dividend growth pattern from 2019 to 2022, with the dividend per share rising from $0.54 to $0.88. This signifies the company's commitment to consistently increasing shareholder dividends.
<h3>YoY Earnings Growth For First Bancorp</h3>
<img src="https://www.benzinga.com/files/images/story/2023/1698246333_1.png" alt="earning chart graph" />
Investors can observe a growth in earnings for First Bancorp from 2019 to 2022, as earnings per share increased from $3.19 to $3.80. This upward trajectory in earnings indicates potential for future cash dividend payout increases, which can be advantageous for income-seeking investors.
<h3>Recap</h3>
This article provides an in-depth analysis of First Bancorp's recent dividend distribution and the impact it has on shareholders. The company is currently distributing a dividend of $0.22 per share, resulting in an annualized dividend yield of 3.00%.
When comparing First Bancorp's dividend yield against its industry peers, the company sits comfortably in the middle, with its peer Northwest Bancshares having the highest annualized dividend yield at 7.73%.
The increase in both dividend per share and earnings per share from 2019 to 2022 for First Bancorp indicates a positive financial trend, suggesting their capacity to continue distributing profits to shareholders.
It is advisable for investors to monitor the company's performance in the coming quarters to stay in the loop about any adjustments in financials or dividend disbursements.
[Track real-time stock fluctuations for First Bancorp on Benzinga.](https://www.benzinga.com/quote/First Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fbnc#NASDAQ">FBNC</a>))
This article was generated by Benzinga's automated content engine and reviewed by an editor.

<h3>Upgrades</h3>
According to OTR Global, the prior rating for Align Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>) was changed from Mixed to Positive. For the second quarter, Align Tech had an EPS of $2.22, compared to year-ago quarter EPS of $2.00. The current stock performance of Align Tech shows a 52-week-high of $413.20 and a 52-week-low of $172.29. Moreover, at the end of the last trading period, the closing price was at $322.41. 
Colliers Securities upgraded the previous rating for AvalonBay Communities Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVB#NYSE">AVB</a>) from Neutral to Buy. In the second quarter, AvalonBay Communities showed an EPS of $2.66, compared to $2.43 from the year-ago quarter. At the moment, the stock has a 52-week-high of $211.60 and a 52-week-low of $153.07. AvalonBay Communities closed at $180.00 at the end of the last trading period. 
For National Fuel Gas Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NFG#NYSE">NFG</a>), Scotiabank upgraded the previous rating of Sector Perform to Sector Outperform. For the third quarter, National Fuel Gas had an EPS of $1.01, compared to year-ago quarter EPS of $1.54. The stock has a 52-week-high of $72.10 and a 52-week-low of $48.89. At the end of the last trading period, National Fuel Gas closed at $52.86. 
For Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), DZ Bank upgraded the previous rating of Hold to Buy. For the first quarter, Oracle had an EPS of $1.19, compared to year-ago quarter EPS of $1.03. The current stock performance of Oracle shows a 52-week-high of $127.54 and a 52-week-low of $60.78. Moreover, at the end of the last trading period, the closing price was at $111.84. 
For First Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBNC#NASDAQ">FBNC</a>), DA Davidson upgraded the previous rating of Neutral to Buy. First Bancorp earned $0.71 in the second quarter, compared to $1.03 in the year-ago quarter. The current stock performance of First Bancorp shows a 52-week-high of $48.93 and a 52-week-low of $26.25. Moreover, at the end of the last trading period, the closing price was at $27.67. 
For Semtech Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), Summit Insights Group upgraded the previous rating of Hold to Buy. For the second quarter, Semtech had an EPS of $0.11, compared to year-ago quarter EPS of $0.87. The stock has a 52-week-high of $35.18 and a 52-week-low of $17.82. At the end of the last trading period, Semtech closed at $22.87. 
Susquehanna upgraded the previous rating for Semtech Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) from Neutral to Positive. In the second quarter, Semtech showed an EPS of $0.11, compared to $0.87 from the year-ago quarter. The current stock performance of Semtech shows a 52-week-high of $35.18 and a 52-week-low of $17.82. Moreover, at the end of the last trading period, the closing price was at $22.87. 
For Virtu Financial Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRT#NASDAQ">VIRT</a>), Citigroup upgraded the previous rating of Neutral to Buy. For the second quarter, Virtu Finl had an EPS of $0.37, compared to year-ago quarter EPS of $0.73. The current stock performance of Virtu Finl shows a 52-week-high of $23.73 and a 52-week-low of $16.26. Moreover, at the end of the last trading period, the closing price was at $16.89. 
According to Wolfe Research, the prior rating for Etsy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) was changed from Peer Perform to Outperform. In the second quarter, Etsy showed an EPS of $0.93, compared to $0.51 from the year-ago quarter. The stock has a 52-week-high of $149.91 and a 52-week-low of $63.51. At the end of the last trading period, Etsy closed at $64.56. 
For Norwegian Cruise Line Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Redburn Partners upgraded the previous rating of Neutral to Buy. In the second quarter, Norwegian Cruise Line showed an EPS of $0.30, compared to $1.14 from the year-ago quarter. The current stock performance of Norwegian Cruise Line shows a 52-week-high of $22.75 and a 52-week-low of $10.84. Moreover, at the end of the last trading period, the closing price was at $16.35. 
Redburn Partners upgraded the previous rating for Carnival Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) from Neutral to Buy. For the second quarter, Carnival had an EPS of $0.31, compared to year-ago quarter EPS of $1.64. The stock has a 52-week-high of $19.55 and a 52-week-low of $6.12. At the end of the last trading period, Carnival closed at $15.02. 
For First Solar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), BMO Capital upgraded the previous rating of Market Perform to Outperform. In the second quarter, First Solar showed an EPS of $1.89, compared to $0.52 from the year-ago quarter. At the moment, the stock has a 52-week-high of $232.00 and a 52-week-low of $115.66. First Solar closed at $170.50 at the end of the last trading period. 
Jefferies upgraded the previous rating for Prudential Financial Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>) from Underperform to Hold. Prudential Financial earned $2.94 in the second quarter, compared to $1.74 in the year-ago quarter. The current stock performance of Prudential Financial shows a 52-week-high of $110.95 and a 52-week-low of $75.37. Moreover, at the end of the last trading period, the closing price was at $96.58. 
Jefferies upgraded the previous rating for MetLife Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>) from Hold to Buy. For the second quarter, MetLife had an EPS of $1.94, compared to year-ago quarter EPS of $2.00. At the moment, the stock has a 52-week-high of $77.34 and a 52-week-low of $48.95. MetLife closed at $63.79 at the end of the last trading period. 
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
<h3>Downgrades</h3>
Maxim Group downgraded the previous rating for NLS Pharmaceutics Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NLSP#NASDAQ">NLSP</a>) from Buy to Hold. NoneThe current stock performance of NLS Pharmaceutics shows a 52-week-high of $1.88 and a 52-week-low of $0.43. Moreover, at the end of the last trading period, the closing price was at $0.82. 
For Semtech Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), Benchmark downgraded the previous rating of Buy to Hold. In the second quarter, Semtech showed an EPS of $0.11, compared to $0.87 from the year-ago quarter. The stock has a 52-week-high of $35.18 and a 52-week-low of $17.82. At the end of the last trading period, Semtech closed at $22.87. 
For RTX Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), DZ Bank downgraded the previous rating of Buy to Hold. RTX earned $1.29 in the second quarter, compared to $1.16 in the year-ago quarter. The current stock performance of RTX shows a 52-week-high of $108.84 and a 52-week-low of $73.66. Moreover, at the end of the last trading period, the closing price was at $75.56. 
According to MoffettNathanson, the prior rating for CS Disco Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAW#NYSE">LAW</a>) was changed from Outperform to Market Perform. In the second quarter, CS Disco showed an EPS of $0.11, compared to $0.23 from the year-ago quarter. At the moment, the stock has a 52-week-high of $13.28 and a 52-week-low of $5.27. CS Disco closed at $7.75 at the end of the last trading period. 
According to B of A Securities, the prior rating for JM Smucker Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJM#NYSE">SJM</a>) was changed from Buy to Neutral. In the first quarter, JM Smucker showed an EPS of $2.21, compared to $1.67 from the year-ago quarter. The current stock performance of JM Smucker shows a 52-week-high of $163.07 and a 52-week-low of $128.36. Moreover, at the end of the last trading period, the closing price was at $128.41. 
According to B of A Securities, the prior rating for Digital Turbine Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPS#NASDAQ">APPS</a>) was changed from Buy to Neutral. In the first quarter, Digital Turbine showed an EPS of $0.18, compared to $0.38 from the year-ago quarter. The current stock performance of Digital Turbine shows a 52-week-high of $20.40 and a 52-week-low of $6.88. Moreover, at the end of the last trading period, the closing price was at $6.94. 
According to B of A Securities, the prior rating for RTX Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) was changed from Neutral to Underperform. RTX earned $1.29 in the second quarter, compared to $1.16 in the year-ago quarter. The stock has a 52-week-high of $108.84 and a 52-week-low of $73.66. At the end of the last trading period, RTX closed at $75.56. 
For Carrier Global Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>), Mizuho downgraded the previous rating of Buy to Neutral. For the second quarter, Carrier Global had an EPS of $0.79, compared to year-ago quarter EPS of $0.70. The stock has a 52-week-high of $60.04 and a 52-week-low of $33.11. At the end of the last trading period, Carrier Global closed at $55.24. 
RBC Capital downgraded the previous rating for IBEX Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBEX#NASDAQ">IBEX</a>) from Outperform to Sector Perform. For the fourth quarter, IBEX had an EPS of $0.33, compared to year-ago quarter EPS of $0.42. The current stock performance of IBEX shows a 52-week-high of $31.39 and a 52-week-low of $15.00. Moreover, at the end of the last trading period, the closing price was at $18.15. 
According to Redburn Partners, the prior rating for MSCI Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) was changed from Buy to Neutral. MSCI earned $3.26 in the second quarter, compared to $2.78 in the year-ago quarter. At the moment, the stock has a 52-week-high of $572.50 and a 52-week-low of $385.00. MSCI closed at $535.25 at the end of the last trading period. 
For Hostess Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWNK#NASDAQ">TWNK</a>), Jefferies downgraded the previous rating of Buy to Hold. In the second quarter, Hostess Brands showed an EPS of $0.28, compared to $0.22 from the year-ago quarter. The stock has a 52-week-high of $33.74 and a 52-week-low of $21.59. At the end of the last trading period, Hostess Brands closed at $33.50. 
JP Morgan downgraded the previous rating for Arco Platform Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCE#NASDAQ">ARCE</a>) from Overweight to Neutral. Arco Platform earned $0.24 in the second quarter, compared to $0.08 in the year-ago quarter. At the moment, the stock has a 52-week-high of $14.22 and a 52-week-low of $7.85. Arco Platform closed at $13.77 at the end of the last trading period. 
For Frontier Group Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>), TD Cowen downgraded the previous rating of Outperform to Market Perform. In the second quarter, Frontier Group Holdings showed an EPS of $0.31, compared to $0.09 from the year-ago quarter. The current stock performance of Frontier Group Holdings shows a 52-week-high of $14.34 and a 52-week-low of $5.51. Moreover, at the end of the last trading period, the closing price was at $5.59. 
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
<h3>Initiations</h3>
Maxim Group initiated coverage on Contango Ore Inc (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CTGO#AMEX">CTGO</a>) with a Buy rating. The price target for Contango Ore is set to $36.00. In the fourth quarter, Contango Ore showed an EPS of $1.38, compared to $1.07 from the year-ago quarter. At the moment, the stock has a 52-week-high of $33.67 and a 52-week-low of $17.01. Contango Ore closed at $17.85 at the end of the last trading period. 
Argus Research initiated coverage on Verisk Analytics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSK#NASDAQ">VRSK</a>) with a Buy rating. The price target for Verisk Analytics is set to $288.00. Verisk Analytics earned $1.51 in the second quarter, compared to $1.53 in the year-ago quarter. The stock has a 52-week-high of $247.14 and a 52-week-low of $163.02. At the end of the last trading period, Verisk Analytics closed at $245.56. 
Evercore ISI Group initiated coverage on Fortrea Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRE#NASDAQ">FTRE</a>) with an In-Line rating. The price target for Fortrea Holdings is set to $31.00. For the second quarter, Fortrea Holdings had an EPS of $0.52, compared to year-ago quarter EPS of $0.97. At the moment, the stock has a 52-week-high of $37.30 and a 52-week-low of $24.93. Fortrea Holdings closed at $28.82 at the end of the last trading period. 
With an Outperform rating, TD Cowen initiated coverage on BJ's Wholesale Club Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>). The price target seems to have been set at $80.00 for BJ's Wholesale Club. BJ's Wholesale Club earned $0.97 in the second quarter, compared to $1.06 in the year-ago quarter. At the moment, the stock has a 52-week-high of $80.31 and a 52-week-low of $60.33. BJ's Wholesale Club closed at $67.46 at the end of the last trading period. 
With a Buy rating, Roth MKM initiated coverage on Dragonfly Energy Holdings Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DFLI#NASDAQ">DFLI</a>). The price target seems to have been set at $4.00 for Dragonfly Energy Hldgs. Dragonfly Energy Hldgs earned $0.25 in the second quarter, compared to $0.04 in the year-ago quarter. The stock has a 52-week-high of $28.02 and a 52-week-low of $1.38. At the end of the last trading period, Dragonfly Energy Hldgs closed at $1.68. 
Berenberg initiated coverage on RAPT Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAPT#NASDAQ">RAPT</a>) with a Buy rating. The price target for RAPT Therapeutics is set to $34.00. For the second quarter, RAPT Therapeutics had an EPS of $0.66, compared to year-ago quarter EPS of $0.62. The stock has a 52-week-high of $31.45 and a 52-week-low of $15.66. At the end of the last trading period, RAPT Therapeutics closed at $19.14. 
With a Neutral rating, DA Davidson initiated coverage on Herbalife Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLF#NYSE">HLF</a>). The price target seems to have been set at $13.50 for Herbalife. In the second quarter, Herbalife showed an EPS of $0.74, compared to $0.96 from the year-ago quarter. At the moment, the stock has a 52-week-high of $25.03 and a 52-week-low of $11.14. Herbalife closed at $14.59 at the end of the last trading period. 
With an Outperform rating, Wolfe Research initiated coverage on Moody's Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>). The price target seems to have been set at $390.00 for Moody's. In the second quarter, Moody's showed an EPS of $2.30, compared to $2.22 from the year-ago quarter. The current stock performance of Moody's shows a 52-week-high of $363.19 and a 52-week-low of $230.64. Moreover, at the end of the last trading period, the closing price was at $343.20. 
With an Outperform rating, Wolfe Research initiated coverage on First Advantage Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FA#NASDAQ">FA</a>). The price target seems to have been set at $17.00 for First Advantage. First Advantage earned $0.24 in the second quarter, compared to $0.25 in the year-ago quarter. At the moment, the stock has a 52-week-high of $15.89 and a 52-week-low of $10.08. First Advantage closed at $13.61 at the end of the last trading period. 
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

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