$0.75 EPS Expected for First Bancorp (FBNC) This Quarter

Wall Street brokerages expect First Bancorp (NASDAQ:FBNC) to announce earnings of $0.75 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for First Bancorp’s earnings, with the lowest EPS estimate coming in at $0.73 and the highest estimate coming in at $0.77. First Bancorp reported earnings per share of $0.53 during the same quarter last year, which indicates a positive year over year growth rate of 41.5%. The company is expected to announce its next earnings results on Tuesday, October 23rd.

According to Zacks, analysts expect that First Bancorp will report full year earnings of $3.02 per share for the current fiscal year, with EPS estimates ranging from $2.98 to $3.06. For the next year, analysts anticipate that the business will report earnings of $3.01 per share, with EPS estimates ranging from $2.96 to $3.06. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that cover First Bancorp.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.10. The company had revenue of $67.34 million for the quarter, compared to analyst estimates of $68.24 million. First Bancorp had a return on equity of 10.53% and a net margin of 26.25%.

FBNC has been the topic of a number of recent research reports. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research note on Monday, August 27th. BidaskClub lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 25th. Raymond James lowered First Bancorp from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. Finally, Piper Jaffray Companies boosted their price objective on First Bancorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $41.75.

In other First Bancorp news, CEO Richard H. Moore bought 1,250 shares of First Bancorp stock in a transaction on Wednesday, September 19th. The shares were bought at an average price of $39.79 per share, for a total transaction of $49,737.50. Following the completion of the transaction, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary Clara Capel sold 750 shares of First Bancorp stock in a transaction on Monday, August 20th. The shares were sold at an average price of $42.39, for a total value of $31,792.50. Following the completion of the sale, the director now owns 13,759 shares in the company, valued at approximately $583,244.01. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of FBNC. Mount Yale Investment Advisors LLC purchased a new stake in First Bancorp in the first quarter valued at $115,000. SG Americas Securities LLC purchased a new stake in First Bancorp in the first quarter valued at $123,000. Parkside Financial Bank & Trust purchased a new stake in First Bancorp in the second quarter valued at $123,000. Sei Investments Co. raised its position in First Bancorp by 60.0% in the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,319 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in First Bancorp by 78.0% in the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock valued at $175,000 after purchasing an additional 2,141 shares during the period. Institutional investors own 65.04% of the company’s stock.

NASDAQ FBNC traded up $0.53 on Thursday, reaching $39.76. 116,412 shares of the company were exchanged, compared to its average volume of 99,395. The firm has a market capitalization of $1.20 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 1.14 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.03 and a current ratio of 1.03. First Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $43.14.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Sunday, September 30th will be given a $0.10 dividend. The ex-dividend date is Thursday, September 27th. This represents a $0.40 dividend on an annualized basis and a yield of 1.01%. First Bancorp’s dividend payout ratio is currently 21.62%.

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 deposits and individual retirement accounts.

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

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