First Bancorp (FBNC) Projected to Post Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) will likely be posting its results before the market opens on Wednesday, February 4th. Analysts expect First Bancorp to post earnings of $1.03 per share for the quarter.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. The firm had revenue of $83.90 million during the quarter, compared to the consensus estimate of $123.43 million. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%. On average, analysts expect First Bancorp to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

First Bancorp Trading Down 1.5%

First Bancorp stock opened at $56.68 on Wednesday. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 21.15 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s 50 day moving average price is $53.14 and its two-hundred day moving average price is $51.85. First Bancorp has a 1 year low of $34.50 and a 1 year high of $62.31.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FBNC shares. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Wall Street Zen cut First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. Finally, Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $58.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in First Bancorp by 6.8% in the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after buying an additional 2,781 shares during the period. AQR Capital Management LLC acquired a new position in shares of First Bancorp during the 1st quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of First Bancorp by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after buying an additional 1,160 shares during the last quarter. Millennium Management LLC bought a new position in shares of First Bancorp in the first quarter worth about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Bancorp by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock valued at $10,383,000 after purchasing an additional 15,570 shares in the last quarter. 68.36% of the stock is owned by institutional investors.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.