Brokerages Expect First Bancorp (NASDAQ:FBNC) to Post $0.80 EPS

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Analysts expect First Bancorp (NASDAQ:FBNC) to post earnings per share of $0.80 for the current fiscal quarter, Zacks Investment Research reports. 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 per share of $0.74 during the same quarter last year, which would indicate a positive year over year growth rate of 8.1%. The company is expected to announce its next earnings report on Tuesday, October 22nd.

According to Zacks, analysts expect that First Bancorp will report full-year earnings of $3.12 per share for the current financial year, with EPS estimates ranging from $3.07 to $3.15. For the next fiscal year, analysts anticipate that the company 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 analysts that cover First Bancorp.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. First Bancorp had a net margin of 30.19% and a return on equity of 12.03%. The business had revenue of $70.40 million for the quarter, compared to analyst estimates of $69.62 million.

A number of equities analysts recently commented on FBNC shares. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. BidaskClub raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. Gabelli raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Thursday, April 25th. Finally, ValuEngine lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $40.25.

In other news, Director Mary Clara Capel sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $36.30, for a total value of $36,300.00. Following the sale, the director now directly owns 14,912 shares in the company, valued at approximately $541,305.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas F. Phillips sold 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the completion of the sale, the director now owns 84,212 shares in the company, valued at $2,996,262.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,150 shares of company stock worth $184,480. Insiders own 2.37% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in FBNC. Bank of New York Mellon Corp increased its stake in shares of First Bancorp by 3.9% during the fourth quarter. Bank of New York Mellon Corp now owns 198,867 shares of the financial services provider’s stock valued at $6,495,000 after acquiring an additional 7,483 shares during the period. Geode Capital Management LLC grew its position in First Bancorp by 9.4% in the fourth quarter. Geode Capital Management LLC now owns 352,731 shares of the financial services provider’s stock worth $11,520,000 after buying an additional 30,381 shares during the last quarter. Squarepoint Ops LLC boosted its stake in First Bancorp by 26.8% in the 4th 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. Metropolitan Life Insurance Co. NY boosted its stake in First Bancorp by 382.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,638 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 7,642 shares during the period. Finally, Legal & General Group Plc boosted its stake in First Bancorp by 23.9% in the 4th 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. Hedge funds and other institutional investors own 66.39% of the company’s stock.

NASDAQ:FBNC traded up $0.31 during mid-day trading on Tuesday, reaching $36.12. 59,153 shares of the company’s stock were exchanged, compared to its average volume of 92,225. First Bancorp has a one year low of $30.50 and a one year high of $43.14. The stock 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 business’s fifty day moving average is $36.01. 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 company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, June 27th. First Bancorp’s dividend payout ratio is currently 15.95%.

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 deposit and individual retirement accounts.

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

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