$71.19 Million in Sales Expected for First Bancorp (NASDAQ:FBNC) This Quarter
Equities research analysts predict that First Bancorp (NASDAQ:FBNC) will announce sales of $71.19 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for First Bancorp’s earnings. The lowest sales estimate is $70.70 million and the highest is $71.67 million. First Bancorp posted sales of $67.22 million during the same quarter last year, which suggests a positive year-over-year growth rate of 5.9%. The company is scheduled to report its next quarterly earnings report on Tuesday, October 22nd.
On average, analysts expect that First Bancorp will report full-year sales of $282.16 million for the current fiscal year, with estimates ranging from $279.10 million to $285.00 million. For the next financial year, analysts forecast that the business will post sales of $293.30 million, with estimates ranging from $288.49 million to $302.00 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for First Bancorp.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.03. The business had revenue of $70.40 million for the quarter, compared to analysts’ expectations of $69.62 million. First Bancorp had a return on equity of 12.03% and a net margin of 30.19%.
Shares of First Bancorp stock traded up $0.31 on Thursday, hitting $36.12. 59,153 shares of the company were exchanged, compared to its average volume of 92,225. The stock has a market cap of $1.07 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 2.46 and a beta of 1.16. The stock’s 50-day moving average is $36.01. First Bancorp has a 1-year low of $30.50 and a 1-year high of $43.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.52.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Sunday, June 30th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Thursday, June 27th. First Bancorp’s dividend payout ratio is presently 15.95%.
In related news, Director Mary Clara Capel sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $35.50, for a total value of $35,500.00. Following the transaction, the director now directly owns 15,009 shares in the company, valued at $532,819.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas F. Phillips sold 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total value of $80,055.00. Following the completion of the transaction, the director now owns 84,212 shares in the company, valued at $2,996,262.96. The disclosure for this sale can be found here. Insiders sold 5,150 shares of company stock worth $184,480 over the last quarter. 2.37% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisory Services Network LLC purchased a new stake in First Bancorp in the second quarter valued at approximately $77,000. Meeder Asset Management Inc. raised its position in First Bancorp by 22.7% in the second quarter. Meeder Asset Management Inc. now owns 4,488 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 830 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in First Bancorp in the second quarter valued at approximately $200,000. Aperio Group LLC purchased a new stake in First Bancorp in the second quarter valued at approximately $204,000. Finally, Legal & General Group Plc raised its position in First Bancorp by 23.9% in the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 1,102 shares during the period. Hedge funds and other institutional investors own 66.39% of the company’s stock.
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 deposit and individual retirement accounts.
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