FY2016 EPS Estimates for First Bancorp (FBNC) Decreased by Analyst
First Bancorp (NASDAQ:FBNC) – Analysts at Gabelli dropped their FY2016 earnings per share estimates for First Bancorp in a report released on Monday. Gabelli analyst S. Comery now anticipates that the firm will post earnings per share of $1.10 for the year, down from their prior estimate of $1.15.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. First Bancorp had a net margin of 18.91% and a return on equity of 8.29%.
Several other equities analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of First Bancorp from a “market perform” rating to an “outperform” rating and raised their target price for the company from $22.00 to $24.00 in a research note on Tuesday, August 23rd. Zacks Investment Research cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. First Bancorp currently has a consensus rating of “Hold” and an average price target of $22.17.
First Bancorp (NASDAQ:FBNC) opened at 19.84 on Tuesday. The company has a market cap of $398.53 million, a price-to-earnings ratio of 14.46 and a beta of 1.09. First Bancorp has a 12 month low of $16.01 and a 12 month high of $21.94. The company’s 50-day moving average is $19.57 and its 200-day moving average is $19.19.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 28th. First Bancorp’s dividend payout ratio is 23.36%.
In other First Bancorp news, Director James C. Crawford III purchased 2,000 shares of the business’s stock in a transaction on Monday, August 15th. The stock was acquired at an average price of $18.63 per share, with a total value of $37,260.00. Following the acquisition, the director now directly owns 59,777 shares of the company’s stock, valued at approximately $1,113,645.51. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.37% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in First Bancorp by 1.1% in the second quarter. Royal Bank of Canada now owns 70,154 shares of the financial services provider’s stock worth $1,234,000 after buying an additional 730 shares in the last quarter. Panagora Asset Management Inc. increased its stake in First Bancorp by 61.2% in the second quarter. Panagora Asset Management Inc. now owns 8,320 shares of the financial services provider’s stock worth $146,000 after buying an additional 3,159 shares in the last quarter. Bridgeway Capital Management Inc. increased its stake in First Bancorp by 35.4% in the second quarter. Bridgeway Capital Management Inc. now owns 249,627 shares of the financial services provider’s stock worth $4,388,000 after buying an additional 65,256 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in First Bancorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 48,154 shares of the financial services provider’s stock worth $847,000 after buying an additional 299 shares in the last quarter. Finally, Menta Capital LLC increased its stake in First Bancorp by 11.6% in the second quarter. Menta Capital LLC now owns 17,273 shares of the financial services provider’s stock worth $304,000 after buying an additional 1,800 shares in the last quarter. 53.16% of the stock is owned by institutional investors and hedge funds.
About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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