First Bancorp (FBNC) to Post Quarterly Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) will likely be issuing 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 issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The company 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 Down 0.6%

Shares of NASDAQ FBNC opened at $64.05 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $2.65 billion, a P/E ratio of 21.86 and a beta of 0.80. First Bancorp has a 1 year low of $45.04 and a 1 year high of $66.54. The firm has a 50-day simple moving average of $61.11 and a two-hundred day simple moving average of $58.63.

First Bancorp Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on FBNC. Keefe, Bruyette & Woods raised 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. Brean Capital started coverage on First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Finally, Raymond James Financial raised their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.55.

Insider Buying and Selling at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction dated 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 completion of the sale, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FBNC. EverSource Wealth Advisors LLC raised its holdings in shares of First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of 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 purchasing an additional 381 shares in the last quarter. Quadrant Capital Group LLC bought a new position in shares of First Bancorp during the third quarter valued at approximately $188,000. BNP Paribas Financial Markets increased its holdings in First Bancorp by 47.6% during the second 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 during the period. Finally, Tower Research Capital LLC TRC raised its stake in First Bancorp by 157.4% in the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock worth $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.

First Bancorp Company Profile

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.