First Bancorp (NASDAQ:FBNC) Expected to Post Earnings of $0.80 Per Share

Brokerages expect that First Bancorp (NASDAQ:FBNC) will report earnings per share (EPS) of $0.80 for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for First Bancorp’s earnings, with the lowest EPS estimate coming in at $0.79 and the highest estimate coming in at $0.80. First Bancorp reported earnings per share of $0.74 in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.1%. The business is expected to report its next quarterly earnings results 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 fiscal year, with EPS estimates ranging from $3.07 to $3.15. For the next year, analysts anticipate that the business will post earnings of $3.11 per share, with EPS estimates ranging from $2.95 to $3.20. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that that provide coverage for First Bancorp.

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

FBNC has been the subject of several recent analyst reports. Gabelli upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Thursday, April 25th. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Monday. ValuEngine lowered First Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, BidaskClub raised First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. First Bancorp has a consensus rating of “Hold” and an average price target of $40.25.

In other First Bancorp news, Director Mary Clara Capel sold 900 shares of First Bancorp stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $36.25, for a total transaction of $32,625.00. Following the transaction, the director now owns 14,012 shares of the company’s stock, valued at $507,935. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas F. Phillips sold 2,250 shares of First Bancorp stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $35.58, for a total value of $80,055.00. Following the transaction, the director now directly owns 84,212 shares in the company, valued at approximately $2,996,262.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,150 shares of company stock worth $184,480. 2.37% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. increased its holdings in shares of First Bancorp by 22.7% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,296,300 shares of the financial services provider’s stock valued at $45,059,000 after purchasing an additional 239,475 shares during the period. Jennison Associates LLC increased its holdings in shares of First Bancorp by 15.3% in the first quarter. Jennison Associates LLC now owns 600,557 shares of the financial services provider’s stock valued at $20,875,000 after purchasing an additional 79,910 shares during the period. Investment Counselors of Maryland LLC increased its holdings in shares of First Bancorp by 1.1% in the second quarter. Investment Counselors of Maryland LLC now owns 583,174 shares of the financial services provider’s stock valued at $21,239,000 after purchasing an additional 6,493 shares during the period. Geode Capital Management LLC grew its holdings in First Bancorp by 9.4% during the fourth quarter. Geode Capital Management LLC now owns 352,731 shares of the financial services provider’s stock worth $11,520,000 after acquiring an additional 30,381 shares during the period. Finally, Federated Investors Inc. PA grew its holdings in First Bancorp by 38.7% during the first quarter. Federated Investors Inc. PA now owns 317,549 shares of the financial services provider’s stock worth $11,038,000 after acquiring an additional 88,582 shares during the period. 65.90% of the stock is currently owned by institutional investors and hedge funds.

FBNC stock traded up $0.06 during trading on Tuesday, hitting $34.73. 23,147 shares of the company’s stock were exchanged, compared to its average volume of 72,449. The firm’s 50-day moving average price is $36.08. The firm has a market capitalization of $1.06 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 2.43 and a beta of 1.16. First Bancorp has a 52-week low of $30.50 and a 52-week high of $43.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.99 and a quick ratio of 0.99.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.38%. The ex-dividend date was Thursday, June 27th. First Bancorp’s dividend payout ratio (DPR) is 15.95%.

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.

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

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