Wall Street brokerages expect First Bancorp (NASDAQ:FBNC) to announce $0.57 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for First Bancorp’s earnings. The lowest EPS estimate is $0.51 and the highest is $0.61. First Bancorp posted earnings of $0.41 per share during the same quarter last year, which indicates a positive year over year growth rate of 39%. The business is scheduled to announce its next quarterly earnings results on Thursday, April 26th.
On average, analysts expect that First Bancorp will report full-year earnings of $2.64 per share for the current fiscal year, with EPS estimates ranging from $2.34 to $2.86. For the next year, analysts anticipate that the firm will post earnings of $2.91 per share, with EPS estimates ranging from $2.80 to $2.97. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow First Bancorp.
FBNC has been the subject of several recent research reports. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Wednesday, January 3rd. Piper Jaffray Companies reiterated a “buy” rating and set a $42.00 price target on shares of First Bancorp in a research report on Tuesday, January 9th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $41.00 price target on shares of First Bancorp in a research report on Friday, December 22nd. BidaskClub cut First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Finally, Brean Capital reiterated a “buy” rating on shares of First Bancorp in a research report on Tuesday, January 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $39.50.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Sunday, December 31st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date was Thursday, December 28th. First Bancorp’s dividend payout ratio (DPR) is presently 17.78%.
In other news, insider Suzanne S. Deferie sold 12,001 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total value of $428,075.67. Following the completion of the sale, the insider now directly owns 113,408 shares in the company, valued at $4,045,263.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard H. Moore acquired 2,755 shares of the business’s stock in a transaction dated Wednesday, December 20th. The stock was acquired at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the transaction, the chief executive officer now directly owns 121,741 shares of the company’s stock, valued at $4,382,676. The disclosure for this purchase can be found here. 2.37% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of First Bancorp by 16.4% in the fourth quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock valued at $66,244,000 after buying an additional 264,581 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of First Bancorp by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock worth $44,537,000 after acquiring an additional 59,041 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of First Bancorp by 24.8% in the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock worth $31,290,000 after acquiring an additional 198,866 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of First Bancorp by 30.4% in the third quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock worth $21,301,000 after acquiring an additional 144,201 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock worth $14,436,000 after acquiring an additional 100,632 shares during the last quarter. Institutional investors and hedge funds own 56.53% of the company’s stock.
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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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