First Bancorp (FBNC) Expected to Announce Earnings of $0.71 Per Share

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Wall Street brokerages expect First Bancorp (NASDAQ:FBNC) to report $0.71 earnings per share for the current quarter, Zacks reports. Two analysts have issued estimates for First Bancorp’s earnings. First Bancorp reported earnings per share of $0.70 during the same quarter last year, which would indicate a positive year over year growth rate of 1.4%. The company is scheduled to report its next quarterly earnings report on Tuesday, April 23rd.

According to Zacks, analysts expect that First Bancorp will report full year earnings of $3.02 per share for the current financial year, with EPS estimates ranging from $2.95 to $3.10. For the next year, analysts anticipate that the business will report earnings of $3.14 per share, with EPS estimates ranging from $3.03 to $3.25. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow First Bancorp.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.04. First Bancorp had a net margin of 30.47% and a return on equity of 12.16%. The firm had revenue of $68.25 million during the quarter, compared to analyst estimates of $68.41 million.

Several equities analysts have recently issued reports on FBNC shares. ValuEngine raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. FIG Partners raised shares of First Bancorp from a “market perform” rating to an “outperform” rating in a report on Thursday, January 24th. BidaskClub raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, December 25th. Brean Capital set a $42.00 price target on shares of First Bancorp and gave the company a “buy” rating in a report on Friday, January 25th. Finally, Stephens reissued a “hold” rating and set a $34.00 price target on shares of First Bancorp in a report on Wednesday, December 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. First Bancorp currently has a consensus rating of “Hold” and a consensus target price of $41.25.

FBNC stock traded down $0.48 during trading on Friday, hitting $35.18. 81,546 shares of the company’s stock traded hands, compared to its average volume of 78,252. First Bancorp has a 52 week low of $30.50 and a 52 week high of $43.14. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 2.41 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.01 and a quick ratio of 1.01.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Sunday, March 31st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.48 annualized dividend and a yield of 1.36%. This is an increase from First Bancorp’s previous quarterly dividend of $0.10. First Bancorp’s dividend payout ratio is presently 13.29%.

In related news, CEO Richard H. Moore acquired 3,200 shares of First Bancorp stock in a transaction that occurred on Wednesday, December 26th. The stock was acquired at an average price of $31.35 per share, with a total value of $100,320.00. Following the completion of the acquisition, the chief executive officer now directly owns 143,135 shares of the company’s stock, valued at approximately $4,487,282.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of FBNC. Quantamental Technologies LLC acquired a new stake in First Bancorp in the fourth quarter worth about $33,000. Private Capital Group LLC lifted its holdings in First Bancorp by 174.0% in the fourth quarter. Private Capital Group LLC now owns 1,277 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 811 shares during the period. Semmax Financial Advisors Inc. acquired a new stake in First Bancorp in the fourth quarter worth about $149,000. Legal & General Group Plc lifted its holdings in First Bancorp by 23.9% in the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 1,102 shares during the period. Finally, Squarepoint Ops LLC lifted its holdings in First Bancorp by 26.8% in the fourth quarter. Squarepoint Ops LLC now owns 6,276 shares of the financial services provider’s stock worth $205,000 after purchasing an additional 1,325 shares during the period. 66.46% of the stock is owned by institutional investors and hedge funds.

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 deposits and individual retirement accounts.

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Earnings History and Estimates for First Bancorp (NASDAQ:FBNC)

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