$51.04 Million in Sales Expected for First Bancorp (FBNC) This Quarter
Equities analysts forecast that First Bancorp (NASDAQ:FBNC) will post $51.04 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for First Bancorp’s earnings, with the highest sales estimate coming in at $53.48 million and the lowest estimate coming in at $48.60 million. First Bancorp posted sales of $35.51 million in the same quarter last year, which suggests a positive year-over-year growth rate of 43.7%. The business is expected to announce its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that First Bancorp will report full year sales of $51.04 million for the current fiscal year, with estimates ranging from $195.30 million to $204.40 million. For the next year, analysts expect that the company will report sales of $247.42 million per share, with estimates ranging from $224.20 million to $261.96 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow First Bancorp.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. The business had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%.
A number of brokerages have recently issued reports on FBNC. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Wednesday, August 2nd. Zacks Investment Research cut First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, July 3rd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $34.00 price target on shares of First Bancorp in a report on Monday, June 26th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.50.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mendon Capital Advisors Corp raised its position in shares of First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock worth $17,721,000 after buying an additional 445,765 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Bancorp by 24.8% in the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock worth $31,290,000 after buying an additional 198,866 shares during the last quarter. JCSD Capital LLC purchased a new position in shares of First Bancorp during the second quarter worth approximately $6,174,000. Investment Counselors of Maryland LLC raised its position in shares of First Bancorp by 139.8% in the second quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock worth $9,459,000 after buying an additional 176,386 shares during the last quarter. Finally, RMB Capital Management LLC purchased a new position in shares of First Bancorp during the first quarter worth approximately $4,586,000. Hedge funds and other institutional investors own 60.55% of the company’s stock.
Shares of First Bancorp (FBNC) opened at 30.76 on Thursday. First Bancorp has a one year low of $18.57 and a one year high of $32.99. The stock has a market capitalization of $759.10 million, a P/E ratio of 21.44 and a beta of 1.18. The company’s 50 day moving average price is $31.23 and its 200 day moving average price is $30.00.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were given a $0.08 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a yield of 1.04%. First Bancorp’s payout ratio is 22.54%.
About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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