Research analysts provide guidance for First Bancorp’s earnings for fiscal 2022 (NASDAQ: FBNC)
First Bancorp (NASDAQ: FBNC) – Investment analysts at DA Davidson raised their earnings estimates for fiscal 2022 for First Bancorp in a note to investors on Friday, June 4. DA Davidson analyst K. Fitzsimmons now expects the financial services provider to post earnings of $ 3.38 per share for the year, up from its previous forecast of $ 3.21. First Bancorp (NASDAQ: FBNC) last released its results on Monday April 26. The financial services provider reported earnings per share (EPS) of $ 0.99 for the quarter, beating analyst consensus estimates of $ 0.87 by $ 0.12. First Bancorp recorded a return on equity of 9.68% and a net margin of 28.42%. The company posted revenue of $ 75.91 million in the quarter, compared to a consensus estimate of $ 75.50 million.
Separately, Zacks investment research upgraded First Bancorp from a “hold” rating to a “strong buy” rating and set a price target of $ 51.00 for the stock in a report released on Tuesday, April 6. Four investment analysts gave the stock a conservation rating, one assigned a buy rating and another gave the company a high buy rating. The stock currently has an average rating of “Buy” and an average price target of $ 38.00.
The first Bancorp stock opened at $ 42.92 on Monday. The company has a quick ratio of 0.76, a current ratio of 0.76, and a debt ratio of 0.07. The company’s fifty-day moving average is $ 43.54. The stock has a market cap of $ 1.22 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.51, and a beta of 1.32. First Bancorp has a fifty-two week minimum of $ 19.60 and a fifty-two week maximum of $ 48.83.
A number of institutional investors have recently changed their positions in FBNC. The New York State Teachers’ Pension System acquired a new position in First Bancorp in the fourth quarter worth approximately $ 330,000. Comerica Bank acquired a new position in shares of First Bancorp during the fourth quarter valued at approximately $ 1,098,000. Zurcher Kantonalbank The Cantonal Bank of Zurich strengthened its position in First Bancorp shares by 178.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,730 shares of the financial services provider valued at $ 194,000 after purchasing an additional 3,671 shares during the period. Arizona State Retirement System acquired a new stake in First Bancorp in the fourth quarter valued at approximately $ 284,000. Finally, Creative Planning strengthened its position in First Bancorp by 2.2% in the fourth quarter. Creative Planning now owns 15,682 shares of the financial services provider valued at $ 531,000 after purchasing an additional 337 shares during the period. 72.95% of the shares are held by hedge funds and other institutional investors.
The company also recently disclosed a quarterly dividend, which was paid on Sunday April 25. Investors of record on Wednesday March 31 received a dividend of $ 0.20. This is a positive change from First Bancorp’s previous quarterly dividend of $ 0.18. This represents an annualized dividend of $ 0.80 and a return of 1.86%. The ex-dividend date was Tuesday, March 30. First Bancorp’s payout ratio is currently 30.89%.
About First Bancorp
First Bancorp is First Bank’s banking holding company that provides banking products and services to individuals and small and 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 term deposits, including certificates of deposit and individual retirement accounts.
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