FY2016 EPS Estimates for First Bancorp (FBNC) Lowered by Analyst
First Bancorp (NASDAQ:FBNC) – Stock analysts at FIG Partners dropped their FY2016 earnings estimates for shares of First Bancorp in a research report issued on Friday. FIG Partners analyst C. Marinac now anticipates that the firm will earn $1.27 per share for the year, down from their previous forecast of $1.40. FIG Partners also issued estimates for First Bancorp’s Q4 2016 earnings at $0.39 EPS and FY2017 earnings at $1.25 EPS.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the 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 brokerages have also recently issued reports on FBNC. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $20.00 price target on shares of First Bancorp in a research report on Sunday, June 26th. Zacks Investment Research lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 19.65 on Monday. First Bancorp has a 52 week low of $16.50 and a 52 week high of $21.94. The firm has a 50-day moving average of $19.68 and a 200 day moving average of $19.22. The firm has a market capitalization of $394.71 million, a price-to-earnings ratio of 14.32 and a beta of 1.24.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Friday, September 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Wednesday, September 28th. First Bancorp’s dividend payout ratio is currently 23.36%.
In other news, Director James C. Crawford III acquired 2,000 shares of First Bancorp stock in a transaction dated Monday, August 15th. The shares were bought at an average cost of $18.63 per share, with a total value of $37,260.00. Following the purchase, the director now owns 59,777 shares in the company, valued at approximately $1,113,645.51. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 2.37% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Group LTD raised its position in shares of First Bancorp by 57.7% in the second quarter. BlackRock Group LTD now owns 6,935 shares of the financial services provider’s stock valued at $122,000 after buying an additional 2,537 shares in the last quarter. Panagora Asset Management Inc. raised its position in shares of 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 valued at $146,000 after buying an additional 3,159 shares in the last quarter. BlackRock Advisors LLC raised its position in shares of First Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 9,491 shares of the financial services provider’s stock valued at $167,000 after buying an additional 130 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of First Bancorp during the second quarter valued at about $199,000. Finally, UBS Asset Management Americas Inc. raised its position in shares of First Bancorp by 7.7% in the first quarter. UBS Asset Management Americas Inc. now owns 13,458 shares of the financial services provider’s stock valued at $254,000 after buying an additional 958 shares in the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.
First Bancorp Company Profile
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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