Wall Street analysts expect that First Bancorp (NASDAQ:FBNC) will announce earnings of $0.80 per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for First Bancorp’s earnings. The highest EPS estimate is $0.80 and the lowest is $0.79. First Bancorp reported earnings of $0.74 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.1%. The company is scheduled to issue its next earnings results on Tuesday, October 22nd.
On average, analysts expect that First Bancorp will report full year earnings of $3.12 per share for the current fiscal year, with EPS estimates ranging from $3.07 to $3.15. For the next financial year, analysts expect that the firm will report earnings of $3.11 per share, with EPS estimates ranging from $2.95 to $3.20. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for First Bancorp.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.03. First Bancorp had a return on equity of 12.03% and a net margin of 30.19%. The business had revenue of $70.40 million for the quarter, compared to the consensus estimate of $69.62 million.
A number of brokerages have recently issued reports on FBNC. BidaskClub upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. Gabelli raised First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Thursday, April 25th. ValuEngine cut First Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research cut First Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $40.25.
Shares of NASDAQ:FBNC traded up $0.31 on Tuesday, reaching $36.12. The company had a trading volume of 59,153 shares, compared to its average volume of 92,225. First Bancorp has a 52-week low of $30.50 and a 52-week high of $43.14. The business has a 50 day moving average of $36.01. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 2.46 and a beta of 1.16. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.52.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.33%. First Bancorp’s payout ratio is 15.95%.
In other First Bancorp news, Director Mary Clara Capel sold 1,000 shares of First Bancorp stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $36.30, for a total transaction of $36,300.00. Following the completion of the sale, the director now owns 14,912 shares of the company’s stock, valued at approximately $541,305.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas F. Phillips sold 2,250 shares of First Bancorp stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $35.58, for a total value of $80,055.00. Following the sale, the director now directly owns 84,212 shares of the company’s stock, valued at approximately $2,996,262.96. The disclosure for this sale can be found here. Insiders sold a total of 5,150 shares of company stock valued at $184,480 in the last three months. Insiders own 2.37% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC acquired a new stake in First Bancorp during the 2nd quarter worth about $77,000. Meeder Asset Management Inc. lifted its position in First Bancorp by 22.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,488 shares of the financial services provider’s stock worth $163,000 after acquiring an additional 830 shares during the period. Legal & General Group Plc lifted its position in First Bancorp by 23.9% during the 4th quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock worth $186,000 after acquiring an additional 1,102 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in First Bancorp during the 2nd quarter worth about $200,000. Finally, Aperio Group LLC acquired a new stake in First Bancorp during the 2nd quarter worth about $204,000. 66.39% of the stock is owned by institutional investors.
About First Bancorp
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.
Further Reading: How much can an individual set aside as a catch-up contribution?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.