First Bancorp (FBNC) Forecasted to Post Q4 2019 Earnings of $0.76 Per Share
First Bancorp (NASDAQ:FBNC) – Analysts at FIG Partners decreased their Q4 2019 earnings per share (EPS) estimates for shares of First Bancorp in a report issued on Wednesday, November 14th. FIG Partners analyst C. Marinac now anticipates that the financial services provider will earn $0.76 per share for the quarter, down from their previous estimate of $0.77. FIG Partners also issued estimates for First Bancorp’s Q1 2020 earnings at $0.74 EPS, Q2 2020 earnings at $0.79 EPS, Q3 2020 earnings at $0.81 EPS and FY2020 earnings at $3.14 EPS.
Several other equities research analysts have also recently issued reports on the company. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. BidaskClub cut First Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 25th. Finally, Stephens reaffirmed a “hold” rating and issued a $39.00 target price on shares of First Bancorp in a report on Thursday, November 1st. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. First Bancorp has an average rating of “Hold” and an average price target of $42.75.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. First Bancorp had a return on equity of 10.92% and a net margin of 27.88%. The firm had revenue of $67.22 million for the quarter, compared to analysts’ expectations of $67.43 million.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. grew its position in First Bancorp by 10.1% in the second quarter. Macquarie Group Ltd. now owns 771,746 shares of the financial services provider’s stock worth $31,572,000 after acquiring an additional 70,781 shares in the last quarter. United Services Automobile Association grew its position in First Bancorp by 32.4% in the second quarter. United Services Automobile Association now owns 10,704 shares of the financial services provider’s stock worth $438,000 after acquiring an additional 2,622 shares in the last quarter. Sterling Capital Management LLC purchased a new position in First Bancorp in the third quarter worth about $1,122,000. Maltese Capital Management LLC purchased a new position in First Bancorp in the second quarter worth about $3,068,000. Finally, Citadel Advisors LLC purchased a new position in First Bancorp in the second quarter worth about $898,000. Institutional investors own 65.44% of the company’s stock.
In related news, Director Mary Clara Capel sold 750 shares of First Bancorp stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $42.39, for a total value of $31,792.50. Following the completion of the transaction, the director now owns 13,759 shares in the company, valued at $583,244.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard H. Moore purchased 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was bought at an average price of $39.79 per share, with a total value of $49,737.50. Following the transaction, the chief executive officer now owns 139,935 shares of the company’s stock, valued at approximately $5,568,013.65. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Sunday, September 30th were issued a $0.10 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. First Bancorp’s dividend payout ratio (DPR) is 21.62%.
First Bancorp Company Profile
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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.
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