First Bancorp (FBNC) Expected to Announce Earnings on Wednesday

Key Points

• Earnings report due Apr 22: First Bancorp will release results before the open on Wednesday, April 22, with analysts expecting $1.09 EPS and $123.205M in revenue; in the prior quarter the bank beat EPS estimates ($1.19 vs. $1.03) but reported revenue of $83.9M (below estimates).
• Dividend increase: The firm raised its quarterly dividend to $0.24 per share (up from $0.23), payable April 27 with an ex‑dividend/record date of March 31, implying a 1.6% yield and a ~35.8% payout ratio.
• Market and analyst snapshot: Shares trade near $58.75 with a $2.43B market cap and a P/E of 21.9; Wall Street consensus is a Moderate Buy with an average price target of $61.25.

First Bancorp (NASDAQ:FBNC - Get Free Report) is expected to be posting its results before the market opens on Wednesday, April 22nd. Analysts expect First Bancorp to post earnings of $1.09 per share and revenue of $123.2050 million for the quarter.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.16. The firm had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million. First Bancorp had a return on equity of 10.41% 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 Stock Down 0.5%

NASDAQ:FBNC opened at $58.75 on Wednesday. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 21.92 and a beta of 0.84. First Bancorp has a 1-year low of $36.38 and a 1-year high of $62.64. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. The business's fifty day moving average price is $57.51 and its 200 day moving average price is $54.04.

First Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from First Bancorp's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.6%. First Bancorp's payout ratio is presently 35.82%.

Insiders Place Their Bets

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the company's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total value of $296,550.00. Following the transaction, the insider directly owned 20,400 shares of the company's stock, valued at $1,209,924. This represents a 19.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 10,142 shares of company stock valued at $592,276. Corporate insiders own 2.04% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Bank of Montreal Can increased its position in First Bancorp by 6.9% in the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider's stock worth $240,000 after purchasing an additional 305 shares during the last quarter. Amundi increased its position in First Bancorp by 5.1% in the 3rd quarter. Amundi now owns 7,154 shares of the financial services provider's stock worth $371,000 after purchasing an additional 345 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock worth $42,000 after purchasing an additional 381 shares during the last quarter. Russell Investments Group Ltd. increased its position in First Bancorp by 1.7% in the 4th quarter. Russell Investments Group Ltd. now owns 30,985 shares of the financial services provider's stock worth $1,574,000 after purchasing an additional 509 shares during the last quarter. Finally, Creative Planning increased its position in First Bancorp by 4.9% in the 3rd quarter. Creative Planning now owns 12,284 shares of the financial services provider's stock worth $650,000 after purchasing an additional 579 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Zacks Research raised First Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, March 9th. Weiss Ratings raised First Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 20th. Piper Sandler lowered First Bancorp from an "overweight" rating to a "neutral" rating and upped their price target for the company from $58.00 to $64.00 in a research report on Saturday, February 7th. Raymond James Financial raised First Bancorp from a "market perform" rating to a "strong-buy" rating and set a $62.00 price target on the stock in a research report on Wednesday, January 7th. Finally, Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.25.

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.

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