First Bancorp (FBNC) Expected to Announce Quarterly Sales of $51.04 Million
Equities analysts expect First Bancorp (NASDAQ:FBNC) to report $51.04 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for First Bancorp’s earnings, with the highest sales estimate coming in at $53.48 million and the lowest estimate coming in at $48.60 million. First Bancorp posted sales of $35.51 million in the same quarter last year, which suggests a positive year-over-year growth rate of 43.7%. The business is scheduled to report its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that First Bancorp will report full-year sales of $51.04 million for the current year, with estimates ranging from $195.30 million to $204.40 million. For the next year, analysts forecast that the business will post sales of $247.42 million per share, with estimates ranging from $224.20 million to $261.96 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow First Bancorp.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. The firm had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million.
Several research firms recently weighed in on FBNC. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research report on Wednesday, August 2nd. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research report on Thursday, July 27th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $34.00 price target on shares of First Bancorp in a research report on Monday, June 26th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. First Bancorp currently has a consensus rating of “Buy” and a consensus price target of $32.50.
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Shares of First Bancorp (NASDAQ:FBNC) opened at 30.76 on Thursday. The firm has a 50-day moving average price of $31.23 and a 200-day moving average price of $30.00. The firm has a market capitalization of $759.10 million, a price-to-earnings ratio of 21.44 and a beta of 1.18. First Bancorp has a 52 week low of $18.57 and a 52 week high of $32.99.
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. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a yield of 1.04%. First Bancorp’s dividend payout ratio (DPR) is currently 22.54%.
Several hedge funds have recently added to or reduced their stakes in FBNC. Raymond James Financial Services Advisors Inc. bought a new stake in First Bancorp during the second quarter valued at about $583,000. The Manufacturers Life Insurance Company increased its stake in First Bancorp by 21.7% in the second quarter. The Manufacturers Life Insurance Company now owns 19,430 shares of the financial services provider’s stock valued at $607,000 after buying an additional 3,469 shares during the period. State Street Corp increased its stake in First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after buying an additional 100,632 shares during the period. Macquarie Group Ltd. increased its stake in First Bancorp by 19.6% in the second quarter. Macquarie Group Ltd. now owns 474,843 shares of the financial services provider’s stock valued at $14,844,000 after buying an additional 77,737 shares during the period. Finally, ELCO Management Co. LLC bought a new stake in First Bancorp during the second quarter valued at about $489,000. Institutional investors own 60.55% of the company’s stock.
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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