$62.66 Million in Sales Expected for First Bancorp (FBNC) This Quarter

Equities research analysts expect that First Bancorp (NASDAQ:FBNC) will post sales of $62.66 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for First Bancorp’s earnings, with the highest sales estimate coming in at $63.52 million and the lowest estimate coming in at $61.80 million. First Bancorp posted sales of $44.11 million during the same quarter last year, which would indicate a positive year over year growth rate of 42.1%. The firm is scheduled to issue its next quarterly earnings report on Thursday, April 26th.

On average, analysts expect that First Bancorp will report full-year sales of $62.66 million for the current financial year, with estimates ranging from $255.90 million to $264.66 million. For the next financial year, analysts forecast that the business will post sales of $282.95 million per share, with estimates ranging from $280.89 million to $285.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow First Bancorp.

FBNC has been the topic of several research reports. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Wednesday, January 3rd. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price objective on shares of First Bancorp in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $41.00 target price on shares of First Bancorp in a report on Friday, December 22nd. BidaskClub cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Finally, Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Tuesday, January 2nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $39.50.

In other news, CEO Richard H. Moore bought 2,755 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was acquired at an average cost of $36.00 per share, with a total value of $99,180.00. Following the completion of the acquisition, the chief executive officer now owns 121,741 shares of the company’s stock, valued at $4,382,676. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Suzanne S. Deferie sold 12,001 shares of First Bancorp stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total transaction of $428,075.67. Following the completion of the transaction, the insider now directly owns 113,408 shares of the company’s stock, valued at $4,045,263.36. The disclosure for this sale can be found here. 2.37% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. BB&T Securities LLC purchased a new position in shares of First Bancorp during the third quarter valued at approximately $423,000. State Street Corp raised its holdings in shares of First Bancorp by 27.9% during the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after purchasing an additional 100,632 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of First Bancorp by 5.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 103,363 shares of the financial services provider’s stock valued at $3,557,000 after purchasing an additional 4,910 shares during the last quarter. Northern Trust Corp raised its holdings in shares of First Bancorp by 12.1% during the second quarter. Northern Trust Corp now owns 291,653 shares of the financial services provider’s stock valued at $9,116,000 after purchasing an additional 31,475 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of First Bancorp by 62.1% during the second quarter. Alliancebernstein L.P. now owns 30,810 shares of the financial services provider’s stock valued at $963,000 after purchasing an additional 11,800 shares during the last quarter. 56.53% of the stock is owned by institutional investors and hedge funds.

Shares of First Bancorp (FBNC) opened at $34.83 on Wednesday. First Bancorp has a 52 week low of $27.50 and a 52 week high of $41.76. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $1,030.00, a PE ratio of 19.35, a P/E/G ratio of 0.99 and a beta of 1.12.

The company also recently announced a quarterly dividend, which was paid on Thursday, January 25th. Shareholders of record on Sunday, December 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.32 annualized dividend and a yield of 0.92%. First Bancorp’s dividend payout ratio (DPR) is presently 17.78%.

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

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