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

Key Points

• First Bancorp is expected to report quarterly results after Wednesday’s market close, with analysts forecasting earnings of $1.18 per share and revenue of $130.01 million.
• The company exceeded expectations in its previous quarter, reporting EPS of $1.22 versus the $1.15 consensus and revenue of $127.30 million compared with estimates of $126.07 million.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $67.94. First Bancorp also announced a quarterly dividend of $0.24 per share, equivalent to a 1.6% annualized yield.

First Bancorp (NASDAQ:FBNC - Get Free Report) will likely be releasing its results after the market closes on Wednesday, October 28th. Analysts expect the company to announce earnings of $1.18 per share and revenue of $130.01 million for the quarter.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. On average, analysts expect First Bancorp to post $4.72 EPS for the current fiscal year and $5.04 EPS for the next fiscal year.

First Bancorp Stock Up 2.4%

Shares of NASDAQ:FBNC opened at $61.57 on Wednesday. First Bancorp has a 1 year low of $47.53 and a 1 year high of $66.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The business's 50-day moving average is $62.98 and its 200-day moving average is $61.57. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 19.12 and a beta of 0.84.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Wednesday, September 30th. First Bancorp's payout ratio is presently 29.81%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBNC. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a report on Thursday, August 13th. Raymond James Financial downgraded shares of First Bancorp from a "strong-buy" rating to an "outperform" rating and cut their price objective for the stock from $72.00 to $71.00 in a report on Tuesday, October 6th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Piper Sandler increased their price target on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Finally, Zacks Research downgraded First Bancorp from a "hold" rating to a "strong sell" rating in a research report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $67.94.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.

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