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

First Bancorp (NASDAQ:FBNC) is anticipated to issue its results before the market opens on Wednesday, April 22nd. Analysts expect the company to announce earnings of $1.09 per share and revenue of $123.2050 million for the quarter.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. The firm had revenue of $83.90 million during 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 $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

First Bancorp Stock Up 1.0%

Shares of NASDAQ FBNC opened at $60.08 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 22.42 and a beta of 0.84. The stock has a 50 day moving average price of $57.32 and a 200 day moving average price of $54.22. First Bancorp has a 52-week low of $36.60 and a 52-week high of $62.64.

First Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be issued a $0.24 dividend. The ex-dividend date is Tuesday, March 31st. This is a positive change from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is presently 35.82%.

Wall Street Analysts Forecast Growth

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

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 on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider owned 20,400 shares in the company, valued at $1,209,924. This represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 10,142 shares of company stock worth $592,276 in the last ninety days. 2.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp

A number of large investors have recently made changes to their positions in FBNC. EverSource Wealth Advisors LLC increased its position in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of First Bancorp by 87.0% during the fourth 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 in the last quarter. Quadrant Capital Group LLC acquired a new position in shares of First Bancorp during the third quarter worth $188,000. BNP Paribas Financial Markets increased its position in shares of First Bancorp by 47.6% during the second quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 1,393 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of First Bancorp by 157.4% during the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock worth $198,000 after purchasing an additional 2,740 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

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.