First Bancorp (FBNC) to Release Quarterly Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) will likely be releasing its earnings data before the market opens on Wednesday, July 23rd. Analysts expect First Bancorp to post earnings of $0.89 per share and revenue of $109.22 million for the quarter.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.06. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. The company had revenue of $105.79 million for the quarter, compared to analysts’ expectations of $105.81 million. 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 Down 2.6%

FBNC opened at $45.99 on Wednesday. The stock has a market cap of $1.90 billion, a PE ratio of 21.80 and a beta of 0.87. The stock’s fifty day simple moving average is $42.80 and its 200 day simple moving average is $41.76. First Bancorp has a 1-year low of $34.50 and a 1-year high of $50.34. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Monday, June 30th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Monday, June 30th. This is a boost from First Bancorp’s previous quarterly dividend of $0.22. First Bancorp’s payout ratio is presently 43.60%.

Institutional Trading of First Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC purchased a new position in First Bancorp in the first quarter valued at approximately $4,046,000. Jane Street Group LLC purchased a new stake in First Bancorp during the first quarter valued at about $2,602,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Bancorp by 6.4% during 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. AQR Capital Management LLC bought a new position in First Bancorp during the first quarter worth about $318,000. Finally, Intech Investment Management LLC increased its stake in shares of First Bancorp by 23.0% in the first quarter. Intech Investment Management LLC now owns 30,486 shares of the financial services provider’s stock worth $1,224,000 after purchasing an additional 5,693 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FBNC. Stephens boosted their price objective on shares of First Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Piper Sandler began coverage on First Bancorp in a research report on Tuesday, May 13th. They issued a “neutral” rating and a $48.00 target price on the stock. Keefe, Bruyette & Woods dropped their target price on shares of First Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, First Bancorp presently has a consensus rating of “Hold” and an average price target of $49.33.

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. 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.