First Bancorp (FBNC) Expected to Release Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) is expected to issue its results before the market opens on Wednesday, July 22nd. Analysts expect the company to post earnings of $1.15 per share and revenue of $126.07 million for the quarter.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. On average, analysts expect First Bancorp to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

First Bancorp Stock Performance

First Bancorp stock opened at $63.98 on Wednesday. First Bancorp has a 1-year low of $45.04 and a 1-year high of $66.06. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.65 billion, a PE ratio of 21.84 and a beta of 0.80. The firm’s 50 day simple moving average is $60.64 and its 200 day simple moving average is $58.26.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp’s payout ratio is presently 32.76%.

Analyst Ratings Changes

Several brokerages have issued reports on FBNC. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Finally, Brean Capital began coverage on First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.95.

Insider Activity

In other news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares during the period. Steward Partners Investment Advisory LLC lifted its position in First Bancorp by 87.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after buying an additional 381 shares during the period. Quadrant Capital Group LLC purchased a new position in First Bancorp during the third quarter valued at $188,000. BNP Paribas Financial Markets boosted its holdings in shares of First Bancorp by 47.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock valued at $191,000 after buying an additional 1,393 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of First Bancorp by 157.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock valued at $198,000 after buying an additional 2,740 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

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.