Zacks: Brokerages Anticipate First Bancorp (NASDAQ:FBNC) Will Post Earnings of $0.43 Per Share
Brokerages expect that First Bancorp (NASDAQ:FBNC) will announce earnings of $0.43 per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for First Bancorp’s earnings. The highest EPS estimate is $0.44 and the lowest is $0.43. First Bancorp reported earnings per share of $0.37 in the same quarter last year, which suggests a positive year-over-year growth rate of 16.2%. The firm is expected to announce its next quarterly earnings results on Tuesday, July 25th.
According to Zacks, analysts expect that First Bancorp will report full-year earnings of $1.79 per share for the current year, with EPS estimates ranging from $1.75 to $1.82. For the next year, analysts anticipate that the firm will report earnings of $2.14 per share, with EPS estimates ranging from $2.10 to $2.25. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow First Bancorp.
A number of research firms have recently weighed in on FBNC. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $34.00 target price on shares of First Bancorp in a research note on Monday, June 26th. Brean Capital began coverage on First Bancorp in a research note on Friday, June 9th. They issued a “buy” rating and a $33.00 target price for the company. Finally, ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $32.00.
In related news, insider Eric P. Credle bought 1,000 shares of the stock in a transaction dated Thursday, May 4th. The stock was bought at an average price of $29.89 per share, with a total value of $29,890.00. Following the purchase, the insider now owns 26,674 shares in the company, valued at approximately $797,285.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders bought 2,500 shares of company stock valued at $73,195. 1.89% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Credit Suisse AG raised its position in First Bancorp by 9.3% in the first quarter. Credit Suisse AG now owns 42,834 shares of the financial services provider’s stock worth $1,254,000 after buying an additional 3,627 shares during the last quarter. Bank of America Corp DE raised its position in First Bancorp by 107.5% in the first quarter. Bank of America Corp DE now owns 37,652 shares of the financial services provider’s stock worth $1,103,000 after buying an additional 19,504 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in First Bancorp by 18.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 79,221 shares of the financial services provider’s stock worth $2,321,000 after buying an additional 12,498 shares during the last quarter. RMB Capital Management LLC acquired a new position in First Bancorp during the first quarter worth approximately $4,586,000. Finally, Mendon Capital Advisors Corp raised its position in First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock worth $17,721,000 after buying an additional 445,765 shares during the last quarter. 58.01% of the stock is owned by institutional investors.
First Bancorp (NASDAQ:FBNC) traded up 0.83% during trading on Monday, reaching $31.57. The company’s stock had a trading volume of 55,479 shares. The company has a market cap of $778.33 million, a PE ratio of 23.65 and a beta of 1.19. The stock has a 50-day moving average price of $29.55 and a 200 day moving average price of $29.18. First Bancorp has a 52-week low of $17.42 and a 52-week high of $32.27.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Wednesday, June 28th. First Bancorp’s dividend payout ratio (DPR) is presently 23.88%.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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