First Bancorp (FBNC) Expected to Earn FY2018 Earnings of $2.55 Per Share
First Bancorp (NASDAQ:FBNC) – Equities research analysts at Gabelli issued their FY2018 earnings per share estimates for First Bancorp in a report issued on Thursday. Gabelli analyst S. Comery anticipates that the financial services provider will post earnings of $2.55 per share for the year. Gabelli also issued estimates for First Bancorp’s FY2019 earnings at $2.80 EPS, FY2020 earnings at $3.00 EPS and FY2021 earnings at $3.25 EPS.
A number of other brokerages have also weighed in on FBNC. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Thursday, October 5th. Brean Capital increased their target price on First Bancorp from $39.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Piper Jaffray Companies reiterated an “overweight” rating and set a $37.00 target price on shares of First Bancorp in a research note on Thursday, October 5th. Finally, ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $36.25.
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Shares of First Bancorp (FBNC) traded down 1.48% on Monday, reaching $36.65. 12,680 shares of the company were exchanged. First Bancorp has a 1-year low of $19.18 and a 1-year high of $37.42. The stock has a market capitalization of $904.45 million, a PE ratio of 25.54 and a beta of 1.13. The company has a 50-day moving average price of $34.15 and a 200 day moving average price of $31.28.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Friday, September 29th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.86%. First Bancorp’s dividend payout ratio (DPR) is currently 18.60%.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of First Bancorp by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,235,275 shares of the financial services provider’s stock worth $38,615,000 after purchasing an additional 70,174 shares during the period. Vanguard Group Inc. increased its stake in shares of First Bancorp by 24.8% during the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock worth $31,290,000 after purchasing an additional 198,866 shares during the period. Banc Funds Co. LLC increased its stake in shares of First Bancorp by 18.5% during the second quarter. Banc Funds Co. LLC now owns 592,556 shares of the financial services provider’s stock worth $18,523,000 after purchasing an additional 92,392 shares during the period. Macquarie Group Ltd. increased its stake in shares of First Bancorp by 19.6% during the second quarter. Macquarie Group Ltd. now owns 474,843 shares of the financial services provider’s stock worth $14,844,000 after purchasing an additional 77,737 shares during the period. Finally, State Street Corp increased its stake in shares of First Bancorp by 27.9% during the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock worth $14,436,000 after purchasing an additional 100,632 shares during the period. Institutional investors own 65.84% of the company’s stock.
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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