Equities research analysts expect First Bancorp (NASDAQ:FBNC) to report sales of $67.14 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for First Bancorp’s earnings. The lowest sales estimate is $65.10 million and the highest is $68.61 million. First Bancorp posted sales of $51.79 million during the same quarter last year, which suggests a positive year over year growth rate of 29.6%. The company is expected to issue its next quarterly earnings report on Tuesday, July 24th.
On average, analysts expect that First Bancorp will report full-year sales of $268.38 million for the current year, with estimates ranging from $260.80 million to $276.83 million. For the next financial year, analysts anticipate that the firm will post sales of $284.14 million per share, with estimates ranging from $272.30 million to $294.65 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow First Bancorp.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.17. The firm had revenue of $66.45 million during the quarter, compared to analyst estimates of $63.31 million. First Bancorp had a net margin of 23.54% and a return on equity of 9.58%.
FBNC has been the subject of a number of recent analyst reports. BidaskClub raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research note on Thursday, April 5th. Zacks Investment Research lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, April 24th. Finally, ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $40.25.
Shares of FBNC opened at $40.91 on Friday. The firm has a market cap of $1.22 billion, a PE ratio of 22.11, a P/E/G ratio of 0.94 and a beta of 1.12. First Bancorp has a 12-month low of $29.73 and a 12-month high of $42.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.58.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Saturday, June 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Thursday, June 28th. First Bancorp’s dividend payout ratio (DPR) is presently 21.62%.
In other news, President Michael Goodwin Mayer bought 3,200 shares of First Bancorp stock in a transaction on Friday, May 18th. The stock was acquired at an average cost of $40.94 per share, for a total transaction of $131,008.00. Following the completion of the acquisition, the president now owns 30,104 shares of the company’s stock, valued at approximately $1,232,457.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric P. Credle sold 6,270 shares of the business’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $41.97, for a total transaction of $263,151.90. Following the completion of the transaction, the insider now owns 29,927 shares of the company’s stock, valued at $1,256,036.19. The disclosure for this sale can be found here. 1.89% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Mount Yale Investment Advisors LLC bought a new position in First Bancorp in the first quarter worth about $115,000. SG Americas Securities LLC bought a new position in First Bancorp in the first quarter worth about $123,000. Sei Investments Co. raised its holdings in First Bancorp by 60.0% in the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock worth $126,000 after purchasing an additional 1,319 shares in the last quarter. Advisor Group Inc. raised its holdings in First Bancorp by 145.8% in the fourth quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 2,406 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in First Bancorp by 78.0% in the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 2,141 shares in the last quarter. Institutional investors and hedge funds own 62.75% of the company’s stock.
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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