First Bancorp (FBNC) Expected to Post Quarterly Sales of $51.04 Million
Equities research analysts expect First Bancorp (NASDAQ:FBNC) to post sales of $51.04 million for the current quarter, Zacks reports. 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 would indicate a positive year-over-year growth rate of 43.7%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that First Bancorp will report full-year sales of $51.04 million for the current year, with estimates ranging from $195.30 million to $206.10 million. For the next financial year, analysts expect that the company will post sales of $249.52 million per share, with estimates ranging from $224.20 million to $262.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover First Bancorp.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. The company had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%.
FBNC has been the topic of several recent analyst reports. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $34.00 target price on shares of First Bancorp in a research report on Monday, June 26th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $37.00 target price on shares of First Bancorp in a research report on Thursday, October 5th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $35.75.
Several hedge funds have recently made changes to their positions in FBNC. Vanguard Group Inc. increased its holdings 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 valued at $31,290,000 after purchasing an additional 198,866 shares during the period. JCSD Capital LLC acquired a new position in shares of First Bancorp in the second quarter valued at about $6,174,000. Investment Counselors of Maryland LLC increased its holdings 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 valued at $9,459,000 after purchasing an additional 176,386 shares during the period. RMB Capital Management LLC acquired a new position in shares of First Bancorp in the first quarter valued at about $4,586,000. Finally, Smith Salley & Associates acquired a new position in shares of First Bancorp in the second quarter valued at about $3,528,000. 66.03% of the stock is currently owned by institutional investors and hedge funds.
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First Bancorp (NASDAQ:FBNC) opened at 35.48 on Wednesday. First Bancorp has a 12 month low of $19.18 and a 12 month high of $35.90. The firm has a 50-day moving average price of $32.39 and a 200 day moving average price of $30.67. The stock has a market capitalization of $875.58 million, a PE ratio of 24.72 and a beta of 1.13.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, September 29th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, September 28th. First Bancorp’s dividend payout ratio is presently 22.54%.
First Bancorp Company Profile
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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