First Bancorp (NASDAQ:FBNC) Expected to Announce Quarterly Sales of $71.19 Million

Brokerages expect First Bancorp (NASDAQ:FBNC) to post $71.19 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for First Bancorp’s earnings. The highest sales estimate is $71.67 million and the lowest is $70.70 million. First Bancorp reported sales of $67.22 million during the same quarter last year, which would suggest a positive year over year growth rate of 5.9%. The business is expected to announce its next quarterly earnings report on Tuesday, October 22nd.

According to Zacks, analysts expect that First Bancorp will report full-year sales of $282.16 million for the current financial year, with estimates ranging from $279.10 million to $285.00 million. For the next year, analysts expect that the company will post sales of $293.30 million, with estimates ranging from $288.49 million to $302.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow First Bancorp.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.03. First Bancorp had a return on equity of 12.03% and a net margin of 30.19%. The company had revenue of $70.40 million for the quarter, compared to analysts’ expectations of $69.62 million.

Several research firms recently issued reports on FBNC. Gabelli upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Thursday, April 25th. BidaskClub upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. ValuEngine cut First Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Zacks Investment Research cut First Bancorp from a “buy” rating to a “hold” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $40.25.

In other news, Director Thomas F. Phillips sold 2,250 shares of First Bancorp stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the sale, the director now owns 84,212 shares of the company’s stock, valued at approximately $2,996,262.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mary Clara Capel sold 1,000 shares of First Bancorp stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $35.50, for a total transaction of $35,500.00. Following the sale, the director now directly owns 15,009 shares in the company, valued at approximately $532,819.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,150 shares of company stock worth $184,480. Insiders own 2.37% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC purchased a new stake in shares of First Bancorp during the second quarter worth $77,000. Meeder Asset Management Inc. increased its position in shares of First Bancorp by 22.7% during the second quarter. Meeder Asset Management Inc. now owns 4,488 shares of the financial services provider’s stock worth $163,000 after acquiring an additional 830 shares during the period. Legal & General Group Plc increased its position in shares of First Bancorp by 23.9% during the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock worth $186,000 after acquiring an additional 1,102 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of First Bancorp during the second quarter worth $200,000. Finally, Aperio Group LLC purchased a new stake in shares of First Bancorp during the second quarter worth $204,000. 66.39% of the stock is currently owned by institutional investors.

FBNC stock traded up $0.31 during trading on Thursday, hitting $36.12. The stock had a trading volume of 59,153 shares, compared to its average volume of 92,225. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.99 and a quick ratio of 0.99. First Bancorp has a twelve month low of $30.50 and a twelve month high of $43.14. The stock has a market cap of $1.07 billion, a PE ratio of 12.00, a P/E/G ratio of 2.46 and a beta of 1.16. The business’s 50-day moving average price is $36.01.

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Thursday, June 27th. First Bancorp’s dividend payout ratio is currently 15.95%.

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 deposit and individual retirement accounts.

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

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