First Bancorp (FBNC) Projected to Post Earnings on Wednesday

First Bancorp (NASDAQ:FBNC) is expected to be posting 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 issued 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. 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 during the quarter, compared to the consensus estimate 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 Price Performance

FBNC stock opened at $58.68 on Tuesday. First Bancorp has a one year low of $34.50 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $2.43 billion, a PE ratio of 21.90 and a beta of 0.89. The firm has a 50 day simple moving average of $53.80 and a two-hundred day simple moving average of $52.16.

First Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.24 per share. 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 yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is 34.33%.

Insider Transactions at First Bancorp

In other news, insider Mary Clara Capel sold 2,500 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $57.26, for a total value of $143,150.00. Following the completion of the transaction, the insider owned 28,042 shares of the company’s stock, valued at approximately $1,605,684.92. This represents a 8.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares during the period. Quadrant Capital Group LLC bought a new position in First Bancorp during the third quarter valued at $188,000. BNP Paribas Financial Markets lifted its holdings in shares of First Bancorp by 47.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 1,393 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of First Bancorp by 157.4% in the 2nd 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 during the period. Finally, Cetera Investment Advisers purchased a new position in First Bancorp during the second quarter worth $207,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FBNC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. Zacks Research downgraded First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Wall Street Zen cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

About First Bancorp

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.