Piper Sandler Weighs in on First Bancorp’s Q2 2021 Earnings (NASDAQ:FBNC)

First Bancorp (NASDAQ:FBNC) – Research analysts at Piper Sandler lifted their Q2 2021 EPS estimates for shares of First Bancorp in a report released on Thursday, April 29th. Piper Sandler analyst S. Scouten now expects that the financial services provider will post earnings of $0.97 per share for the quarter, up from their prior forecast of $0.86. Piper Sandler also issued estimates for First Bancorp’s Q3 2021 earnings at $0.94 EPS, Q4 2021 earnings at $0.84 EPS, Q1 2022 earnings at $0.75 EPS, Q2 2022 earnings at $0.77 EPS, Q3 2022 earnings at $0.80 EPS, Q4 2022 earnings at $0.78 EPS and FY2022 earnings at $3.10 EPS.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Monday, April 26th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.12. First Bancorp had a return on equity of 8.36% and a net margin of 24.81%.

Separately, Zacks Investment Research raised First Bancorp from a “hold” rating to a “strong-buy” rating and set a $51.00 target price for the company in a research report on Tuesday, April 6th. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. First Bancorp has a consensus rating of “Buy” and a consensus price target of $38.00.

Shares of NASDAQ:FBNC opened at $43.87 on Monday. First Bancorp has a 52-week low of $19.26 and a 52-week high of $48.83. The firm has a market capitalization of $1.25 billion, a P/E ratio of 16.25, a P/E/G ratio of 5.33 and a beta of 1.26. The stock has a 50 day moving average price of $43.70 and a 200-day moving average price of $36.63. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.85 and a current ratio of 0.86.

A number of institutional investors have recently made changes to their positions in the stock. Peregrine Capital Management LLC raised its position in First Bancorp by 36.5% in the 4th quarter. Peregrine Capital Management LLC now owns 350,299 shares of the financial services provider’s stock worth $11,851,000 after buying an additional 93,720 shares during the last quarter. SG Americas Securities LLC purchased a new position in First Bancorp in the 4th quarter worth about $583,000. Raymond James Financial Services Advisors Inc. raised its position in First Bancorp by 41.8% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 27,922 shares of the financial services provider’s stock worth $945,000 after buying an additional 8,228 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in First Bancorp in the 4th quarter worth about $3,194,000. Finally, Louisiana State Employees Retirement System purchased a new position in First Bancorp in the 4th quarter worth about $447,000. Institutional investors own 62.99% of the company’s stock.

In related news, CEO Richard H. Moore sold 8,000 shares of the company’s stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $37.53, for a total value of $300,240.00. Following the transaction, the chief executive officer now owns 103,101 shares in the company, valued at approximately $3,869,380.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.37% of the company’s stock.

The company also recently declared a quarterly dividend, which was paid on Sunday, April 25th. Investors of record on Wednesday, March 31st were paid a $0.20 dividend. This is a boost from First Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Tuesday, March 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.82%. First Bancorp’s payout ratio is presently 25.81%.

About First Bancorp

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 primarily in North Carolina and northeastern South Carolina. It 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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Earnings History and Estimates for First Bancorp (NASDAQ:FBNC)

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