Brokerages Anticipate First Bancorp (NASDAQ:FBNC) Will Announce Earnings of $0.48 Per Share
Analysts expect that First Bancorp (NASDAQ:FBNC) will report earnings per share of $0.48 for the current quarter, according to Zacks. Two analysts have made estimates for First Bancorp’s earnings, with the highest EPS estimate coming in at $0.50 and the lowest estimate coming in at $0.46. First Bancorp posted earnings per share of $0.23 in the same quarter last year, which would indicate a positive year-over-year growth rate of 108.7%. The business is scheduled to announce its next earnings results on Thursday, October 26th.
On average, analysts expect that First Bancorp will report full-year earnings of $1.82 per share for the current year, with EPS estimates ranging from $1.75 to $1.90. For the next financial year, analysts expect that the firm will post earnings of $2.11 per share, with EPS estimates ranging from $1.95 to $2.25. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow First Bancorp.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. The company had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million.
FBNC has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday, May 1st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $34.00 target price on shares of First Bancorp in a research note on Monday, June 26th. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Brean Capital initiated coverage on shares of First Bancorp in a research note on Friday, June 9th. They set a “buy” rating and a $33.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. First Bancorp currently has a consensus rating of “Buy” and a consensus price target of $32.50.
Large investors have recently modified their holdings of the stock. Pinnacle Financial Partners Inc. purchased a new stake in shares of First Bancorp during the second quarter valued at approximately $100,000. BNP Paribas Arbitrage SA increased its stake in shares of First Bancorp by 1,207.2% in the second quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after buying an additional 3,018 shares during the period. IFP Advisors Inc increased its stake in shares of First Bancorp by 250.9% in the second quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock valued at $110,000 after buying an additional 2,512 shares during the period. Captrust Financial Advisors purchased a new stake in shares of First Bancorp during the second quarter valued at approximately $146,000. Finally, Legal & General Group Plc increased its stake in shares of First Bancorp by 23.1% in the second quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock valued at $180,000 after buying an additional 1,085 shares during the period. Institutional investors and hedge funds own 60.55% of the company’s stock.
Shares of First Bancorp (FBNC) opened at 30.50 on Tuesday. The firm has a market capitalization of $752.68 million, a P/E ratio of 21.25 and a beta of 1.18. First Bancorp has a 52-week low of $18.45 and a 52-week high of $32.99. The stock’s 50 day moving average is $31.20 and its 200-day moving average is $29.99.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.05%. The ex-dividend date was Wednesday, June 28th. First Bancorp’s dividend payout ratio is presently 22.54%.
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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