Analysts Anticipate First Bancorp (FBNC) Will Announce Quarterly Sales of $68.41 Million

Analysts predict that First Bancorp (NASDAQ:FBNC) will report sales of $68.41 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $68.10 million and the highest estimate coming in at $68.72 million. First Bancorp reported sales of $63.72 million during the same quarter last year, which indicates a positive year over year growth rate of 7.4%. The firm is scheduled to issue its next earnings results on Monday, February 4th.

On average, analysts expect that First Bancorp will report full-year sales of $268.94 million for the current year, with estimates ranging from $268.00 million to $269.73 million. For the next year, analysts forecast that the business will post sales of $283.67 million, with estimates ranging from $279.20 million to $286.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts 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, hitting the Thomson Reuters’ consensus estimate of $0.74. First Bancorp had a net margin of 27.88% and a return on equity of 10.92%. The company had revenue of $67.22 million during the quarter, compared to analyst estimates of $67.43 million.

Several brokerages have recently issued reports on FBNC. BidaskClub lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. Stephens restated a “hold” rating and set a $39.00 price target on shares of First Bancorp in a research note on Thursday, November 1st. Brean Capital restated a “buy” rating on shares of First Bancorp in a research note on Monday, October 29th. Finally, Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, October 25th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. First Bancorp presently has an average rating of “Hold” and an average price target of $42.75.

In other First Bancorp news, CEO Richard H. Moore acquired 1,250 shares of First Bancorp stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average cost of $39.79 per share, for a total transaction of $49,737.50. Following the purchase, the chief executive officer now owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Suzanne S. Deferie acquired 5,000 shares of First Bancorp stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average price of $39.80 per share, with a total value of $199,000.00. Following the completion of the purchase, the insider now directly owns 132,545 shares in the company, valued at approximately $5,275,291. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in FBNC. Connor Clark & Lunn Investment Management Ltd. purchased a new position in First Bancorp in the 2nd quarter valued at approximately $296,000. First Trust Advisors LP grew its stake in First Bancorp by 116.3% in the 2nd quarter. First Trust Advisors LP now owns 74,983 shares of the financial services provider’s stock valued at $3,068,000 after buying an additional 40,316 shares in the last quarter. Jennison Associates LLC grew its stake in First Bancorp by 5.9% in the 2nd quarter. Jennison Associates LLC now owns 434,535 shares of the financial services provider’s stock valued at $17,777,000 after buying an additional 24,066 shares in the last quarter. Parkside Financial Bank & Trust purchased a new position in First Bancorp in the 2nd quarter valued at approximately $123,000. Finally, Sei Investments Co. grew its stake in First Bancorp by 43.9% in the 2nd quarter. Sei Investments Co. now owns 5,061 shares of the financial services provider’s stock valued at $207,000 after buying an additional 1,544 shares in the last quarter. Institutional investors and hedge funds own 66.24% of the company’s stock.

Shares of FBNC stock traded down $2.74 during trading hours on Thursday, hitting $36.77. 91,312 shares of the company were exchanged, compared to its average volume of 99,736. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. First Bancorp has a 52-week low of $33.88 and a 52-week high of $43.14. The firm has a market cap of $1.19 billion, a P/E ratio of 19.88, a PEG ratio of 1.13 and a beta of 0.99.

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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Earnings History and Estimates for First Bancorp (NASDAQ:FBNC)

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