First Bancorp (FBNC) Expected to Announce Quarterly Sales of $67.14 Million

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Equities analysts forecast that First Bancorp (NASDAQ:FBNC) will report sales of $67.14 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $65.10 million and the highest estimate coming in at $68.61 million. First Bancorp posted sales of $51.79 million in the same quarter last year, which suggests a positive year-over-year growth rate of 29.6%. The firm is expected to issue its next earnings results on Tuesday, July 24th.

On average, analysts expect that First Bancorp will report full year sales of $268.38 million for the current year, with estimates ranging from $260.80 million to $276.83 million. For the next fiscal year, analysts anticipate that the business will report sales of $284.14 million per share, with estimates ranging from $272.30 million to $294.65 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover First Bancorp.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.17. The firm had revenue of $66.45 million for the quarter, compared to analyst estimates of $63.31 million. First Bancorp had a return on equity of 9.58% and a net margin of 23.54%.

FBNC has been the topic of several recent analyst reports. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research report on Thursday, April 5th. BidaskClub raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, May 17th. Finally, Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Wednesday, May 2nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $40.25.

Shares of First Bancorp traded up $0.30, hitting $41.70, during trading on Friday, MarketBeat Ratings reports. 99,200 shares of the company were exchanged, compared to its average volume of 95,088. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. First Bancorp has a fifty-two week low of $29.73 and a fifty-two week high of $42.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Saturday, June 30th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, June 28th. This represents a $0.40 annualized dividend and a dividend yield of 0.96%. First Bancorp’s dividend payout ratio is currently 21.62%.

In other First Bancorp news, President Michael Goodwin Mayer bought 3,200 shares of First Bancorp stock in a transaction dated Friday, May 18th. The stock was bought at an average cost of $40.94 per share, for a total transaction of $131,008.00. Following the purchase, the president now owns 30,104 shares of the company’s stock, valued at approximately $1,232,457.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric P. Credle sold 6,270 shares of First Bancorp stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $41.97, for a total value of $263,151.90. Following the transaction, the insider now owns 29,927 shares of the company’s stock, valued at $1,256,036.19. The disclosure for this sale can be found here. Insiders own 1.89% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of First Bancorp by 16.4% during the 4th quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock worth $66,244,000 after acquiring an additional 264,581 shares during the period. Mendon Capital Advisors Corp boosted its stake in First Bancorp by 2.9% in the 1st quarter. Mendon Capital Advisors Corp now owns 945,019 shares of the financial services provider’s stock valued at $33,690,000 after purchasing an additional 26,365 shares during the period. RMB Capital Management LLC boosted its stake in First Bancorp by 29.8% in the 1st quarter. RMB Capital Management LLC now owns 774,817 shares of the financial services provider’s stock valued at $27,622,000 after purchasing an additional 177,685 shares during the period. Macquarie Group Ltd. boosted its stake in First Bancorp by 6.3% in the 4th quarter. Macquarie Group Ltd. now owns 658,191 shares of the financial services provider’s stock valued at $23,241,000 after purchasing an additional 39,147 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in First Bancorp by 15.7% in the 4th quarter. Renaissance Technologies LLC now owns 512,414 shares of the financial services provider’s stock valued at $18,093,000 after purchasing an additional 69,481 shares during the period. Institutional investors own 62.76% 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 certificates of deposits and individual retirement accounts.

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

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