First Bancorp (NASDAQ:FBNC) Expected to Announce Earnings of $0.76 Per Share

Analysts forecast that First Bancorp (NASDAQ:FBNC) will announce earnings per share (EPS) of $0.76 for the current quarter, according to Zacks. Two analysts have issued estimates for First Bancorp’s earnings, with the lowest EPS estimate coming in at $0.75 and the highest estimate coming in at $0.77. First Bancorp reported earnings of $0.77 per share during the same quarter last year, which would indicate a negative year over year growth rate of 1.3%. The business is expected to announce its next quarterly earnings results on Tuesday, July 23rd.

According to Zacks, analysts expect that First Bancorp will report full year earnings of $3.08 per share for the current financial year, with EPS estimates ranging from $3.03 to $3.12. For the next financial year, analysts expect that the company will report earnings of $3.08 per share, with EPS estimates ranging from $2.90 to $3.16. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for First Bancorp.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.04. First Bancorp had a return on equity of 12.04% and a net margin of 30.44%. The firm had revenue of $68.24 million for the quarter, compared to the consensus estimate of $67.41 million.



A number of equities analysts recently commented on FBNC shares. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research upgraded General Moly from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Gabelli restated a “buy” rating on shares of T. Rowe Price Group in a report on Thursday, April 25th. Sandler O’Neill upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Monday, March 25th. Finally, BidaskClub raised WhiteHorse Finance from a “sell” rating to a “hold” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $41.40.

NASDAQ:FBNC traded up $0.06 during mid-day trading on Friday, reaching $35.18. The stock had a trading volume of 53,619 shares, compared to its average volume of 88,172. The company has a 50 day moving average of $36.02. First Bancorp has a fifty-two week low of $30.50 and a fifty-two week high of $43.14. The company has a market cap of $1.05 billion, a PE ratio of 11.69, a P/E/G ratio of 2.60 and a beta of 1.19. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.48 dividend on an annualized basis and a yield of 1.36%. First Bancorp’s payout ratio is currently 15.95%.

In other news, Director Mary Clara Capel sold 1,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $36.30, for a total value of $36,300.00. Following the completion of the sale, the director now directly owns 14,912 shares of the company’s stock, valued at $541,305.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas F. Phillips sold 2,250 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total value of $80,055.00. Following the completion of the sale, the director now directly owns 84,212 shares of the company’s stock, valued at $2,996,262.96. The disclosure for this sale can be found here. Insiders have sold 4,250 shares of company stock valued at $151,855 in the last ninety days. Company insiders own 2.37% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FBNC. BlackRock Inc. boosted its holdings in First Bancorp by 3.0% in the 4th quarter. BlackRock Inc. now owns 2,175,436 shares of the financial services provider’s stock valued at $71,049,000 after purchasing an additional 62,939 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in First Bancorp by 3.9% in the 4th quarter. Bank of New York Mellon Corp now owns 198,867 shares of the financial services provider’s stock valued at $6,495,000 after purchasing an additional 7,483 shares during the last quarter. Citigroup Inc. boosted its holdings in First Bancorp by 17.2% in the 4th quarter. Citigroup Inc. now owns 9,592 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 1,411 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Bancorp by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,513,497 shares of the financial services provider’s stock valued at $49,431,000 after purchasing an additional 25,247 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new position in First Bancorp in the 4th quarter valued at about $2,383,000. 65.97% of the stock is owned by institutional investors.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Earnings History and Estimates for First Bancorp (NASDAQ:FBNC)

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