First Bancorp (NASDAQ:FBNC) to Post FY2022 Earnings of $3.91 Per Share, DA Davidson Forecasts

First Bancorp (NASDAQ:FBNCGet Rating) – Research analysts at DA Davidson decreased their FY2022 earnings estimates for shares of First Bancorp in a research report issued on Monday, August 1st. DA Davidson analyst K. Fitzsimmons now anticipates that the financial services provider will earn $3.91 per share for the year, down from their previous forecast of $4.27. DA Davidson has a “Neutral” rating and a $42.00 price objective on the stock. The consensus estimate for First Bancorp’s current full-year earnings is $3.82 per share. DA Davidson also issued estimates for First Bancorp’s FY2023 earnings at $4.07 EPS.

First Bancorp (NASDAQ:FBNCGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.02. First Bancorp had a net margin of 29.83% and a return on equity of 11.20%.

Separately, Raymond James increased their target price on shares of First Bancorp from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday.

First Bancorp Stock Down 0.2 %

First Bancorp stock opened at $36.21 on Thursday. The stock has a market cap of $1.29 billion, a P/E ratio of 11.14 and a beta of 1.15. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.06. First Bancorp has a twelve month low of $32.90 and a twelve month high of $50.92. The company’s 50-day moving average price is $35.84 and its two-hundred day moving average price is $39.58.

Institutional Trading of First Bancorp

A number of hedge funds have recently added to or reduced their stakes in FBNC. Allegheny Financial Group LTD acquired a new stake in First Bancorp in the fourth quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. acquired a new stake in First Bancorp in the fourth quarter valued at approximately $32,000. Geneos Wealth Management Inc. boosted its position in First Bancorp by 67.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 779 shares of the financial services provider’s stock valued at $35,000 after buying an additional 315 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in First Bancorp by 200.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,050 shares of the financial services provider’s stock valued at $46,000 after buying an additional 700 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in First Bancorp in the first quarter valued at approximately $158,000. Institutional investors and hedge funds own 68.57% of the company’s stock.

Insiders Place Their Bets

In other news, Director Dexter V. Perry purchased 973 shares of First Bancorp stock in a transaction that occurred on Wednesday, June 29th. The shares were acquired at an average price of $34.78 per share, for a total transaction of $33,840.94. Following the transaction, the director now owns 3,485 shares of the company’s stock, valued at approximately $121,208.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Dexter V. Perry purchased 973 shares of First Bancorp stock in a transaction that occurred on Wednesday, June 29th. The shares were acquired at an average price of $34.78 per share, for a total transaction of $33,840.94. Following the transaction, the director now owns 3,485 shares of the company’s stock, valued at approximately $121,208.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlie C. Mclamb, Jr. purchased 1,238 shares of First Bancorp stock in a transaction that occurred on Monday, May 16th. The shares were purchased at an average price of $35.99 per share, for a total transaction of $44,555.62. Following the transaction, the director now directly owns 21,838 shares in the company, valued at approximately $785,949.62. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

First Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 25th. Shareholders of record on Thursday, June 30th were given a dividend of $0.22 per share. The ex-dividend date was Wednesday, June 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. First Bancorp’s payout ratio is presently 27.08%.

About First Bancorp

(Get Rating)

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 certificate of deposits and individual retirement accounts.

See Also

Earnings History and Estimates for First Bancorp (NASDAQ:FBNC)

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