Zacks: Analysts Anticipate First Bancorp (FBNC) Will Post Quarterly Sales of $69.41 Million

Wall Street brokerages expect that First Bancorp (NASDAQ:FBNC) will post $69.41 million in sales for the current quarter, according to Zacks Investment Research. 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 reported sales of $63.72 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.9%. The firm is expected to report its next earnings results on Monday, February 4th.

On average, analysts expect that First Bancorp will report full-year sales of $270.61 million for the current year, with estimates ranging from $268.00 million to $274.10 million. For the next fiscal year, analysts anticipate that the company will report sales of $285.70 million, with estimates ranging from $285.30 million to $286.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for First Bancorp.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The business had revenue of $67.22 million for the quarter, compared to analyst estimates of $67.43 million. First Bancorp had a return on equity of 11.06% and a net margin of 27.88%.

FBNC has been the topic of a number of research analyst reports. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 25th. BidaskClub upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday. Stephens reiterated a “hold” rating and set a $39.00 price objective on shares of First Bancorp in a report on Thursday, November 1st. Brean Capital reiterated a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. Finally, Sandler O’Neill downgraded First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $42.75.

In related news, insider Suzanne S. Deferie purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was purchased at an average cost of $39.80 per share, for a total transaction of $199,000.00. Following the completion of the purchase, the insider now directly owns 132,545 shares in the company, valued at $5,275,291. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Richard H. Moore purchased 1,250 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was bought at an average price of $39.79 per share, with a total value of $49,737.50. Following the completion of the purchase, the chief executive officer now owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust bought a new position in shares of First Bancorp during the 2nd quarter worth approximately $123,000. Sei Investments Co. boosted its stake in shares of First Bancorp by 60.0% during the 1st quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 1,319 shares during the period. Brown Advisory Inc. bought a new position in shares of First Bancorp during the 1st quarter worth approximately $238,000. Private Advisor Group LLC bought a new position in shares of First Bancorp during the 3rd quarter worth approximately $277,000. Finally, Pwmco LLC bought a new position in shares of First Bancorp during the 2nd quarter worth approximately $283,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.

Shares of NASDAQ FBNC traded down $0.72 during mid-day trading on Tuesday, reaching $38.07. 1,979 shares of the company’s stock were exchanged, compared to its average volume of 153,217. The firm has a market cap of $1.14 billion, a P/E ratio of 20.57, a P/E/G ratio of 1.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 1.03. First Bancorp has a twelve month low of $33.88 and a twelve month high of $43.14.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Sunday, September 30th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.05%. First Bancorp’s payout ratio is presently 21.62%.

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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