Brokerages expect that First Bancorp (NASDAQ:FBNC) will report sales of $67.14 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $65.10 million and the highest estimate coming in at $68.61 million. First Bancorp posted sales of $51.79 million in the same quarter last year, which suggests a positive year-over-year growth rate of 29.6%. The company is scheduled to announce its next quarterly earnings results on Tuesday, July 24th.
According to Zacks, analysts expect that First Bancorp will report full year sales of $268.38 million for the current year, with estimates ranging from $260.80 million to $276.83 million. For the next year, analysts anticipate that the firm will post sales of $284.14 million per share, with estimates ranging from $272.30 million to $294.65 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover First Bancorp.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.17. The business had revenue of $66.45 million during the quarter, compared to the consensus estimate of $63.31 million. First Bancorp had a net margin of 23.54% and a return on equity of 9.58%.
A number of brokerages have recently issued reports on FBNC. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 5th. BidaskClub downgraded shares of First Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 12th. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, May 17th. Finally, Brean Capital reiterated a “buy” rating on shares of First Bancorp in a report on Thursday, May 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $40.25.
In related news, CEO Richard H. Moore bought 3,100 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was purchased at an average price of $42.16 per share, for a total transaction of $130,696.00. Following the acquisition, the chief executive officer now owns 129,040 shares of the company’s stock, valued at $5,440,326.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Clara Capel sold 2,250 shares of First Bancorp stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $37.05, for a total transaction of $83,362.50. Following the completion of the sale, the director now owns 13,746 shares of the company’s stock, valued at approximately $509,289.30. The disclosure for this sale can be found here. 1.89% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of FBNC. BlackRock Inc. boosted its position in First Bancorp by 16.4% in the 4th quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock valued at $66,244,000 after buying an additional 264,581 shares during the period. Millennium Management LLC boosted its position in First Bancorp by 1,645.0% in the 4th quarter. Millennium Management LLC now owns 266,986 shares of the financial services provider’s stock valued at $9,427,000 after buying an additional 251,686 shares during the period. RMB Capital Management LLC boosted its position in First Bancorp by 29.8% in the 1st quarter. RMB Capital Management LLC now owns 774,817 shares of the financial services provider’s stock valued at $27,622,000 after buying an additional 177,685 shares during the period. Allianz Asset Management GmbH boosted its position in First Bancorp by 292.6% in the 1st quarter. Allianz Asset Management GmbH now owns 130,429 shares of the financial services provider’s stock valued at $4,649,000 after buying an additional 97,207 shares during the period. Finally, Renaissance Technologies LLC boosted its position in First Bancorp by 15.7% in the 4th quarter. Renaissance Technologies LLC now owns 512,414 shares of the financial services provider’s stock valued at $18,093,000 after buying an additional 69,481 shares during the period. 62.75% of the stock is owned by institutional investors.
Shares of First Bancorp traded up $0.30, reaching $41.75, during midday trading on Thursday, according to MarketBeat. 104,470 shares of the stock were exchanged, compared to its average volume of 94,623. The company has a market capitalization of $1.24 billion, a P/E ratio of 22.57, a P/E/G ratio of 0.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03. First Bancorp has a twelve month low of $29.59 and a twelve month high of $42.94.
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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