Brokerages expect First Bancorp (NASDAQ:FBNC) to post sales of $67.43 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for First Bancorp’s earnings. The lowest sales estimate is $66.10 million and the highest is $68.20 million. First Bancorp posted sales of $54.00 million in the same quarter last year, which suggests a positive year over year growth rate of 24.9%. The firm is expected to issue its next quarterly earnings results on Tuesday, October 23rd.
On average, analysts expect that First Bancorp will report full year sales of $267.24 million for the current fiscal year, with estimates ranging from $260.20 million to $271.10 million. For the next year, analysts anticipate that the company will report sales of $280.49 million, with estimates ranging from $269.80 million to $285.25 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow First Bancorp.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Thursday, July 26th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. The business had revenue of $67.34 million for the quarter, compared to analyst estimates of $68.24 million. First Bancorp had a return on equity of 10.53% and a net margin of 26.25%.
Several research firms recently issued reports on FBNC. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research report on Monday, October 1st. Raymond James lowered First Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. Piper Jaffray Companies increased their target price on First Bancorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, July 27th. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 25th. Finally, BidaskClub lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 30th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $41.75.
In related news, CEO Richard H. Moore bought 1,250 shares of the company’s stock in a transaction on Wednesday, September 19th. The shares were purchased at an average cost of $39.79 per share, with a total value of $49,737.50. Following the completion of the transaction, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Clara Capel sold 750 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $42.39, for a total value of $31,792.50. Following the completion of the transaction, the director now directly owns 13,759 shares of the company’s stock, valued at approximately $583,244.01. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. United Services Automobile Association grew its stake in shares of First Bancorp by 32.4% in the second quarter. United Services Automobile Association now owns 10,704 shares of the financial services provider’s stock worth $438,000 after purchasing an additional 2,622 shares in the last quarter. Northern Trust Corp grew its stake in shares of First Bancorp by 62.9% in the second quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock worth $22,784,000 after purchasing an additional 215,043 shares in the last quarter. Millennium Management LLC grew its stake in shares of First Bancorp by 20.3% in the second quarter. Millennium Management LLC now owns 227,503 shares of the financial services provider’s stock worth $9,307,000 after purchasing an additional 38,405 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of First Bancorp in the second quarter worth $375,000. Finally, Macquarie Group Ltd. grew its stake in shares of First Bancorp by 10.1% in the second quarter. Macquarie Group Ltd. now owns 771,746 shares of the financial services provider’s stock worth $31,572,000 after purchasing an additional 70,781 shares in the last quarter. 65.04% of the stock is owned by institutional investors.
FBNC stock opened at $39.12 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.56. The company has a market cap of $1.20 billion, a P/E ratio of 22.15, a PEG ratio of 1.14 and a beta of 0.96. First Bancorp has a 12-month low of $33.88 and a 12-month high of $43.14.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Sunday, September 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.02%. The ex-dividend date is Thursday, September 27th. First Bancorp’s dividend payout ratio is presently 21.62%.
First Bancorp Company Profile
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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