First Bancorp (FBNC) to Release Quarterly Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) is expected to post its results before the market opens on Wednesday, February 4th. Analysts expect First Bancorp to post earnings of $1.03 per share for the quarter.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, January 21st. The financial services provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%.The firm had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $123.43 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 1.5%

FBNC stock opened at $56.68 on Wednesday. The stock has a market capitalization of $2.35 billion, a P/E ratio of 21.15 and a beta of 0.89. The firm has a 50-day simple moving average of $53.14 and a 200-day simple moving average of $51.85. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. First Bancorp has a 52 week low of $34.50 and a 52 week high of $62.31.

Hedge Funds Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. grew its holdings in shares of First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after buying an additional 429,769 shares in the last quarter. Invesco Ltd. raised its stake in shares of First Bancorp by 149.1% in the 3rd quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock valued at $13,813,000 after acquiring an additional 156,311 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Bancorp by 6.4% in 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 worth $10,383,000 after buying an additional 15,570 shares during the period. UBS Group AG boosted its holdings in First Bancorp by 236.4% in the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after acquiring an additional 163,906 shares during the period. Finally, Bank of America Corp DE boosted its holdings in First Bancorp by 10.5% in the 3rd quarter. Bank of America Corp DE now owns 200,667 shares of the financial services provider’s stock worth $10,613,000 after acquiring an additional 19,118 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FBNC has been the subject of several research reports. Raymond James Financial upgraded shares of 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. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research report on Thursday, January 22nd. Zacks Research downgraded First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Finally, Wall Street Zen lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, First Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

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.