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On Thursday, Keefe, Bruyette & Woods adjusted their price target for First Bancorp (NASDAQ:FBNC) stock, reducing it from $51.00 to $50.00, while reaffirming their Outperform rating. The revision follows First Bancorp’s first-quarter financial performance, which surpassed both Keefe, Bruyette & Woods’ and the consensus estimates. The company’s pre-provision net revenue (PPNR) exceeded Keefe’s forecast by $0.03 per share.
First Bancorp’s net interest income (NII) saw a 4% increase from the previous quarter, driven by several factors. These included a full quarter’s impact of the bond repositioning completed in the fourth quarter of 2024, robust deposit growth, declining deposit costs, and continued favorable asset repricing. Despite flat loan balances due to some higher-than-expected paydowns, First Bancorp expressed optimism about its future loan pipeline.
The firm’s analyst highlighted the bank’s strong quarterly results, noting that the net interest margin (NIM) beat expectations, propelling the return on assets (ROA) up to 1.20%. The analyst also emphasized the potential for further growth, citing First Bancorp’s robust loan pipeline and substantial levels of excess capital as factors that could contribute to future upside.
In light of these developments, Keefe, Bruyette & Woods have increased their earnings estimates for First Bancorp for the years 2025 and 2026 to $3.63 and $3.85, respectively. The price target adjustment to $50.00 reflects the analyst’s continued confidence in the bank’s performance, while the Outperform rating indicates expectations that the stock will perform better than the broader market.
In other recent news, First Bancorp announced a cash dividend of $0.22 per share, scheduled for payment on April 25, 2025, to shareholders on record as of March 31, 2025. This decision follows strong financial performance in the fourth quarter, marked by increased adjusted net income and earnings per share, alongside robust capital and liquidity positions. Additionally, First Bancorp has made a significant leadership change by promoting G. Adam Currie to Chief Executive Officer of First Bank (NASDAQ:FRBA), effective immediately. Currie, who has been with the bank since 2015, previously served as President and played a key role in expanding the bank’s presence, particularly in Charlotte, North Carolina. Richard H. Moore, CEO and Chairman of the Board, expressed confidence in Currie’s leadership and highlighted the long-standing succession plan. The company also announced an Amended and Restated Employment Agreement with outgoing CEO Michael G. Mayer, who will continue as President of First Bancorp until early 2026. Furthermore, Christian Wilson has entered an Employment Agreement to serve as Chief Operating Officer, effective February 7, 2025. These developments were disclosed through a press release from First Bancorp.
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