First Bancorp Expected to Post FY2022 Earnings of $4.05 Per Share (NASDAQ:FBNC)

First Bancorp (NASDAQ:FBNCGet Rating) – Equities researchers at DA Davidson decreased their FY2022 earnings per share (EPS) estimates for shares of First Bancorp in a report released on Monday, May 16th. DA Davidson analyst K. Fitzsimmons now expects that the financial services provider will earn $4.05 per share for the year, down from their prior estimate of $4.13. DA Davidson also issued estimates for First Bancorp’s FY2023 earnings at $4.36 EPS.

First Bancorp (NASDAQ:FBNCGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The financial services provider reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.01). First Bancorp had a net margin of 29.04% and a return on equity of 10.92%. The business had revenue of $96.13 million during the quarter, compared to analysts’ expectations of $92.00 million.

FBNC has been the subject of several other reports. Raymond James assumed coverage on First Bancorp in a research note on Monday, February 28th. They set an “outperform” rating and a $49.00 price objective for the company. StockNews.com initiated coverage on First Bancorp in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

FBNC stock opened at $37.40 on Wednesday. First Bancorp has a 52 week low of $35.50 and a 52 week high of $50.92. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $40.18 and a 200-day simple moving average of $43.94. The stock has a market capitalization of $1.33 billion, a P/E ratio of 11.51 and a beta of 1.17.

In related news, Director Carlie C. Mclamb, Jr. purchased 721 shares of First Bancorp stock in a transaction dated Thursday, February 17th. The shares were acquired at an average cost of $44.58 per share, with a total value of $32,142.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Richard H. Moore acquired 2,700 shares of the stock in a transaction that occurred on Monday, May 2nd. The shares were bought at an average cost of $37.00 per share, with a total value of $99,900.00. Following the transaction, the chief executive officer now directly owns 124,765 shares in the company, valued at approximately $4,616,305. The disclosure for this purchase can be found here. In the last three months, insiders bought 5,659 shares of company stock valued at $218,448. Corporate insiders own 1.90% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in FBNC. Morgan Stanley grew its stake in shares of First Bancorp by 52.6% in the second quarter. Morgan Stanley now owns 108,160 shares of the financial services provider’s stock valued at $4,426,000 after buying an additional 37,305 shares in the last quarter. Barclays PLC grew its position in First Bancorp by 16.4% in the 3rd quarter. Barclays PLC now owns 41,947 shares of the financial services provider’s stock valued at $1,805,000 after acquiring an additional 5,908 shares in the last quarter. Rafferty Asset Management LLC increased its stake in First Bancorp by 9.6% during the third quarter. Rafferty Asset Management LLC now owns 16,997 shares of the financial services provider’s stock worth $731,000 after purchasing an additional 1,492 shares during the period. Handelsbanken Fonder AB lifted its position in shares of First Bancorp by 13.9% during the third quarter. Handelsbanken Fonder AB now owns 9,844 shares of the financial services provider’s stock worth $423,000 after purchasing an additional 1,200 shares in the last quarter. Finally, KBC Group NV acquired a new stake in shares of First Bancorp during the third quarter worth about $234,000. Institutional investors own 68.57% of the company’s stock.

About First Bancorp (Get Rating)

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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