First Bancorp (FBNC) Projected to Post Earnings on Wednesday

Key Points

• First Bancorp is set to report earnings before the market opens on Wednesday, July 22, with analysts expecting $1.15 per share in earnings and $126.07 million in revenue for the quarter.
• The company’s last quarterly results beat EPS estimates, posting $1.13 per share versus the expected $1.09, though revenue came in slightly below forecasts at $122.29 million.
• First Bancorp also recently declared a quarterly dividend of $0.24 per share, which translates to an annualized yield of 1.5%.

First Bancorp (NASDAQ:FBNC - Get Free Report) is expected to release 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 - Get Free Report) last posted 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 business had revenue of $122.29 million for the quarter, compared to analysts' expectations 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 Trading Down 0.4%

First Bancorp stock opened at $63.98 on Wednesday. First Bancorp has a one year low of $45.04 and a one year high of $66.06. The company's fifty day moving average price is $60.64 and its two-hundred day moving average price is $58.26. 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 capitalization of $2.65 billion, a price-to-earnings ratio of 21.84 and a beta of 0.80.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be paid 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 dividend payout ratio is presently 32.76%.

Insider Activity

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.04% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Verition Fund Management LLC bought a new position in shares of First Bancorp in the fourth quarter valued at approximately $274,000. Neuberger Berman Group LLC purchased a new stake in shares of First Bancorp during the fourth quarter valued at approximately $299,000. Bank of Montreal Can lifted its holdings in First Bancorp by 6.9% during the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider's stock worth $240,000 after acquiring an additional 305 shares during the period. CIBC Bancorp USA Inc. bought a new stake in First Bancorp during the third quarter worth $228,000. Finally, Brevan Howard Capital Management LP bought a new stake in First Bancorp during the third quarter worth $242,000. Institutional investors own 68.36% of the company's stock.

Analyst Upgrades and Downgrades

FBNC has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 18th. Finally, Brean Capital initiated coverage on shares of First Bancorp in a report on Monday, June 8th. They set a "neutral" rating and a $65.75 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, First Bancorp presently has an average rating of "Moderate Buy" and an average price target of $62.95.

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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