Q2 2021 EPS Estimates for First Bancorp Increased by Piper Sandler (NASDAQ:FBNC)

First Bancorp (NASDAQ:FBNC) – Research analysts at Piper Sandler raised their Q2 2021 EPS estimates for shares of First Bancorp in a research report issued to clients and investors on Thursday, April 29th. Piper Sandler analyst S. Scouten now expects that the financial services provider will earn $0.97 per share for the quarter, up from their previous estimate of $0.86. Piper Sandler also issued estimates for First Bancorp’s Q3 2021 earnings at $0.94 EPS, Q4 2021 earnings at $0.84 EPS, Q1 2022 earnings at $0.75 EPS, Q2 2022 earnings at $0.77 EPS, Q3 2022 earnings at $0.80 EPS, Q4 2022 earnings at $0.78 EPS and FY2022 earnings at $3.10 EPS.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Monday, April 26th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.12. First Bancorp had a return on equity of 8.36% and a net margin of 24.81%.

Separately, Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “strong-buy” rating and set a $51.00 price target for the company in a report on Tuesday, April 6th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. First Bancorp has an average rating of “Buy” and a consensus price target of $38.00.

NASDAQ:FBNC opened at $43.87 on Monday. First Bancorp has a 52 week low of $19.26 and a 52 week high of $48.83. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.25 billion, a P/E ratio of 16.25, a P/E/G ratio of 5.33 and a beta of 1.26. The stock’s fifty day moving average is $43.70 and its two-hundred day moving average is $36.63.

The firm also recently announced a quarterly dividend, which was paid on Sunday, April 25th. Stockholders of record on Wednesday, March 31st were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, March 30th. This is a positive change from First Bancorp’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.82%. First Bancorp’s dividend payout ratio (DPR) is 25.81%.

In other news, CEO Richard H. Moore sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 11th. The shares were sold at an average price of $37.53, for a total transaction of $300,240.00. Following the transaction, the chief executive officer now directly owns 103,101 shares in the company, valued at $3,869,380.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.37% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky purchased a new position in shares of First Bancorp during the fourth quarter worth approximately $241,000. Principal Financial Group Inc. purchased a new position in First Bancorp in the 4th quarter valued at $6,663,000. Truist Financial Corp grew its position in First Bancorp by 4.3% in the 4th quarter. Truist Financial Corp now owns 19,647 shares of the financial services provider’s stock valued at $664,000 after buying an additional 815 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in First Bancorp in the 4th quarter valued at $3,194,000. Finally, Zacks Investment Management purchased a new position in First Bancorp in the 4th quarter valued at $818,000. Institutional investors and hedge funds own 62.99% of the company’s stock.

About First Bancorp

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.

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

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