$67.43 Million in Sales Expected for First Bancorp (FBNC) This Quarter

Analysts forecast that First Bancorp (NASDAQ:FBNC) will post sales of $67.43 million for the current quarter, Zacks reports. Three analysts have provided estimates for First Bancorp’s earnings, with the highest sales estimate coming in at $68.20 million and the lowest estimate coming in at $66.10 million. First Bancorp reported sales of $54.00 million in the same quarter last year, which would suggest a positive year over year growth rate of 24.9%. The firm is expected to report its next quarterly earnings report on Tuesday, October 23rd.

According to Zacks, analysts expect that First Bancorp will report full year sales of $267.24 million for the current year, with estimates ranging from $260.20 million to $271.10 million. For the next financial year, analysts forecast that the firm will post sales of $280.49 million per share, with estimates ranging from $269.80 million to $285.25 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow First Bancorp.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Thursday, July 26th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.10. First Bancorp had a net margin of 26.25% and a return on equity of 10.53%. The firm had revenue of $67.34 million for the quarter, compared to analysts’ expectations of $68.24 million.

Several research analysts have recently issued reports on the stock. Sandler O’Neill cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Brean Capital restated a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. Piper Jaffray Companies raised their target price on shares of First Bancorp from $44.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Raymond James cut shares of First Bancorp from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 10th. Finally, Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 5th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. First Bancorp presently has an average rating of “Hold” and an average price target of $41.25.

In related news, Director Mary Clara Capel sold 750 shares of the firm’s 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 sale, the director now owns 13,759 shares of the company’s stock, valued at $583,244.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC lifted its stake in 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 acquiring an additional 38,405 shares during the period. Tower Research Capital LLC TRC purchased a new stake in First Bancorp in the second quarter worth $375,000. Macquarie Group Ltd. lifted its stake in 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 acquiring an additional 70,781 shares during the period. Bank of America Corp DE lifted its stake in First Bancorp by 46.5% in the second quarter. Bank of America Corp DE now owns 151,836 shares of the financial services provider’s stock worth $6,211,000 after acquiring an additional 48,169 shares during the period. Finally, Raymond James & Associates lifted its stake in First Bancorp by 11.7% in the second quarter. Raymond James & Associates now owns 12,157 shares of the financial services provider’s stock worth $497,000 after acquiring an additional 1,269 shares during the period. 65.04% of the stock is owned by institutional investors.

Shares of First Bancorp stock traded down $0.72 on Friday, hitting $40.58. The stock had a trading volume of 63,400 shares, compared to its average volume of 91,077. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.03 and a current ratio of 1.03. First Bancorp has a one year low of $30.52 and a one year high of $43.14. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 21.91, a P/E/G ratio of 1.17 and a beta of 0.96.

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

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