Gabelli Analysts Reduce Earnings Estimates for First Bancorp (NASDAQ:FBNC)
First Bancorp (NASDAQ:FBNC) – Gabelli decreased their FY2018 earnings per share (EPS) estimates for First Bancorp in a report released on Thursday. Gabelli analyst S. Comery now forecasts that the financial services provider will earn $1.95 per share for the year, down from their previous forecast of $2.10. Gabelli also issued estimates for First Bancorp’s FY2019 earnings at $2.15 EPS, FY2020 earnings at $2.35 EPS and FY2021 earnings at $2.50 EPS.
Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods restated a “buy” rating and set a $34.00 price target on shares of First Bancorp in a research note on Monday, June 26th. Brean Capital initiated coverage on shares of First Bancorp in a research note on Friday, June 9th. They set a “buy” rating and a $33.00 price target on the stock. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, May 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $32.50.
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Shares of First Bancorp (FBNC) traded down 0.57% on Monday, reaching $31.66. 34,680 shares of the company were exchanged. The firm has a 50 day moving average price of $31.14 and a 200-day moving average price of $29.81. First Bancorp has a 12-month low of $18.21 and a 12-month high of $32.99. The stock has a market capitalization of $781.31 million, a PE ratio of 22.03 and a beta of 1.18.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million. First Bancorp had a net margin of 17.52% and a return on equity of 8.23%.
Hedge funds have recently bought and sold shares of the company. Mendon Capital Advisors Corp boosted its stake in First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock valued at $17,721,000 after buying an additional 445,765 shares during the period. FMR LLC acquired a new position in First Bancorp during the fourth quarter valued at approximately $7,513,000. Investment Counselors of Maryland LLC raised its position in First Bancorp by 139.8% in the second quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock valued at $9,459,000 after buying an additional 176,386 shares in the last quarter. RMB Capital Management LLC acquired a new position in First Bancorp during the first quarter valued at approximately $4,586,000. Finally, FSI Group LLC acquired a new position in First Bancorp during the first quarter valued at approximately $4,101,000. Institutional investors and hedge funds own 58.77% of the company’s stock.
In other news, insider Eric P. Credle bought 1,000 shares of the stock in a transaction on Thursday, May 4th. The shares were acquired at an average cost of $29.89 per share, for a total transaction of $29,890.00. Following the purchase, the insider now directly owns 26,674 shares of the company’s stock, valued at approximately $797,285.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.37% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.01%. The ex-dividend date was Wednesday, June 28th. First Bancorp’s dividend payout ratio is presently 22.54%.
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 Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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