First Bancorp (FBNC) Expected to Announce Quarterly Sales of $67.92 Million
Wall Street brokerages forecast that First Bancorp (NASDAQ:FBNC) will report sales of $67.92 million for the current quarter, according to Zacks. Two analysts have provided estimates for First Bancorp’s earnings, with estimates ranging from $67.10 million to $68.73 million. First Bancorp reported sales of $66.45 million during the same quarter last year, which indicates a positive year-over-year growth rate of 2.2%. The firm is expected to report its next quarterly earnings results on Tuesday, April 23rd.
According to Zacks, analysts expect that First Bancorp will report full-year sales of $284.27 million for the current year, with estimates ranging from $278.00 million to $289.00 million. For the next financial year, analysts anticipate that the company will post sales of $298.82 million, with estimates ranging from $289.70 million to $304.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for First Bancorp.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.04. First Bancorp had a net margin of 30.47% and a return on equity of 12.32%. The company had revenue of $68.25 million for the quarter, compared to analyst estimates of $68.41 million.
First Bancorp stock traded up $0.30 during midday trading on Wednesday, reaching $37.91. The stock had a trading volume of 1,630 shares, compared to its average volume of 120,280. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.04. First Bancorp has a 52-week low of $30.50 and a 52-week high of $43.14. The firm has a market capitalization of $1.12 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 2.58 and a beta of 1.26.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Sunday, March 31st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 28th. This is a positive change from First Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.27%. First Bancorp’s dividend payout ratio (DPR) is 13.29%.
In related news, CEO Richard H. Moore bought 3,200 shares of First Bancorp stock in a transaction dated Wednesday, December 26th. The shares were acquired at an average cost of $31.35 per share, with a total value of $100,320.00. Following the completion of the transaction, the chief executive officer now owns 143,135 shares in the company, valued at approximately $4,487,282.25. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.
Large investors have recently modified their holdings of the company. DAVENPORT & Co LLC boosted its stake in shares of First Bancorp by 1.7% during the fourth quarter. DAVENPORT & Co LLC now owns 17,616 shares of the financial services provider’s stock valued at $575,000 after purchasing an additional 300 shares in the last quarter. Bowling Portfolio Management LLC boosted its stake in shares of First Bancorp by 1.7% during the fourth quarter. Bowling Portfolio Management LLC now owns 26,641 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 437 shares in the last quarter. Private Capital Group LLC boosted its stake in shares of First Bancorp by 174.0% during the fourth quarter. Private Capital Group LLC now owns 1,277 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 811 shares in the last quarter. Quantamental Technologies LLC bought a new position in shares of First Bancorp during the fourth quarter valued at approximately $33,000. Finally, Raymond James & Associates boosted its stake in shares of First Bancorp by 11.7% during the second quarter. Raymond James & Associates now owns 12,157 shares of the financial services provider’s stock valued at $497,000 after purchasing an additional 1,269 shares in the last quarter. 69.88% 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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