Gabelli Comments on First Bancorp’s FY2017 Earnings (FBNC)
First Bancorp (NASDAQ:FBNC) – Investment analysts at Gabelli issued their FY2017 earnings per share estimates for shares of First Bancorp in a research note issued to investors on Tuesday. Gabelli analyst S. Comery forecasts that the financial services provider will post earnings of $1.80 per share for the year. Gabelli also issued estimates for First Bancorp’s FY2018 earnings at $2.10 EPS, FY2019 earnings at $2.30 EPS, FY2020 earnings at $2.50 EPS and FY2021 earnings at $2.70 EPS.
First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 3rd. Keefe, Bruyette & Woods reiterated 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 shares of First Bancorp in a research note on Friday, June 9th. They issued a “buy” rating and a $33.00 target price on the stock. Finally, ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $32.50.
First Bancorp (FBNC) opened at 35.01 on Thursday. First Bancorp has a 52-week low of $19.18 and a 52-week high of $35.83. The company has a market cap of $863.98 million, a PE ratio of 24.40 and a beta of 1.13. The firm’s 50 day moving average is $31.83 and its 200 day moving average is $30.46.
A number of institutional investors have recently modified their holdings of FBNC. Pinnacle Financial Partners Inc. bought a new position in First Bancorp during the second quarter valued at approximately $100,000. BNP Paribas Arbitrage SA lifted its position in First Bancorp by 1,207.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 3,018 shares during the period. IFP Advisors Inc lifted its position in First Bancorp by 250.9% during the second quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 2,512 shares during the period. Captrust Financial Advisors bought a new position in First Bancorp during the second quarter valued at approximately $146,000. Finally, Legal & General Group Plc lifted its position in First Bancorp by 23.1% during the second quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 1,085 shares during the period. Institutional investors own 66.03% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, September 29th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.32 dividend on an annualized basis and a yield of 0.91%. First Bancorp’s dividend payout ratio (DPR) is 22.54%.
About First Bancorp
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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