Analysts expect First Bancorp (NASDAQ:FBNC) to report sales of $69.41 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for First Bancorp’s earnings. The highest sales estimate is $70.10 million and the lowest is $68.72 million. First Bancorp posted sales of $63.72 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.9%. The business is expected to issue its next quarterly earnings report on Monday, February 4th.
According to Zacks, analysts expect that First Bancorp will report full-year sales of $270.61 million for the current fiscal year, with estimates ranging from $268.00 million to $274.10 million. For the next year, analysts anticipate that the firm will post sales of $285.70 million, with estimates ranging from $285.30 million to $286.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for First Bancorp.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.74. First Bancorp had a net margin of 27.88% and a return on equity of 11.06%. The firm had revenue of $67.22 million during the quarter, compared to analyst estimates of $67.43 million.
A number of equities research analysts recently issued reports on FBNC shares. BidaskClub lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Brean Capital reissued a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, October 25th. Finally, Sandler O’Neill cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $42.75.
Shares of FBNC opened at $37.92 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.56. First Bancorp has a 12-month low of $33.88 and a 12-month high of $43.14. The stock has a market capitalization of $1.12 billion, a P/E ratio of 20.50, a PEG ratio of 1.05 and a beta of 1.03.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Sunday, September 30th were given a $0.10 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.40 dividend on an annualized basis and a yield of 1.05%. First Bancorp’s payout ratio is currently 21.62%.
In other news, Director Mary Clara Capel sold 750 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $42.39, for a total transaction of $31,792.50. Following 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Suzanne S. Deferie purchased 5,000 shares of First Bancorp stock in a transaction dated Wednesday, September 19th. The shares were acquired at an average cost of $39.80 per share, for a total transaction of $199,000.00. Following the transaction, the insider now directly owns 132,545 shares of the company’s stock, valued at approximately $5,275,291. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. lifted its position in shares of First Bancorp by 10.1% during 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. United Services Automobile Association lifted its position in shares of First Bancorp by 32.4% during 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. Maltese Capital Management LLC acquired a new stake in shares of First Bancorp during the second quarter worth about $3,068,000. Citadel Advisors LLC acquired a new stake in shares of First Bancorp during the second quarter worth about $898,000. Finally, Renaissance Technologies LLC lifted its position in shares of First Bancorp by 2.2% during the second quarter. Renaissance Technologies LLC now owns 593,814 shares of the financial services provider’s stock worth $24,293,000 after purchasing an additional 12,605 shares in the last quarter. 65.22% of the stock is currently owned by institutional investors and hedge funds.
About First Bancorp
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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