First Bancorp (FBNC) Projected to Post Quarterly Earnings on Wednesday

Key Points

• First Bancorp is expected to announce its quarterly earnings on October 22nd, with analysts predicting earnings of $0.93 per share and revenue of $113.47 million.
• The company recently increased its quarterly dividend from $0.18 to $0.23 per share, resulting in an annualized dividend of $0.92 and a yield of 1.8%.
• Wall Street analysts have varying ratings for First Bancorp, with price targets ranging from $51.00 to $62.00, reflecting a consensus rating of "Hold" and an average target price of $56.67.

First Bancorp (NASDAQ:FBNC - Get Free Report) will likely be announcing its results before the market opens on Wednesday, October 22nd. Analysts expect the company to announce earnings of $0.93 per share and revenue of $113.4740 million for the quarter.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. The firm had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. 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 Performance

Shares of FBNC stock opened at $51.19 on Wednesday. The stock has a fifty day moving average price of $52.90 and a 200 day moving average price of $46.10. The stock has a market cap of $2.12 billion, a PE ratio of 21.88 and a beta of 1.01. First Bancorp has a 1 year low of $34.50 and a 1 year high of $56.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 25th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.23 per share. This is a boost from First Bancorp's previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 30th. First Bancorp's payout ratio is presently 39.32%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Stephens lifted their price objective on First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Piper Sandler lifted their price objective on First Bancorp from $48.00 to $51.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Zacks Research cut First Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 29th. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $53.00 to $62.00 and gave the stock an "outperform" rating in a report on Tuesday, September 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of First Bancorp in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Bancorp presently has a consensus rating of "Hold" and an average target price of $56.67.

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. increased its stake in First Bancorp by 13.0% in the second quarter. Ameriprise Financial Inc. now owns 884,572 shares of the financial services provider's stock valued at $39,001,000 after purchasing an additional 101,529 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider's stock valued at $10,383,000 after purchasing an additional 15,570 shares during the last quarter. Public Sector Pension Investment Board increased its stake in First Bancorp by 7.7% in the second quarter. Public Sector Pension Investment Board now owns 141,199 shares of the financial services provider's stock valued at $6,225,000 after purchasing an additional 10,078 shares during the last quarter. Millennium Management LLC acquired a new position in First Bancorp in the first quarter valued at $4,046,000. Finally, Sei Investments Co. increased its stake in First Bancorp by 29.8% in the second quarter. Sei Investments Co. now owns 83,080 shares of the financial services provider's stock valued at $3,663,000 after purchasing an additional 19,062 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Company Profile

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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