Analysts Expect First Bancorp (FBNC) Will Post Quarterly Sales of $67.41 Million

Wall Street analysts expect First Bancorp (NASDAQ:FBNC) to report $67.41 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $67.10 million and the highest estimate coming in at $67.71 million. First Bancorp posted sales of $66.45 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.4%. The business is expected to announce its next earnings report on Tuesday, April 23rd.

According to Zacks, analysts expect that First Bancorp will report full year sales of $282.02 million for the current fiscal year, with estimates ranging from $278.00 million to $289.00 million. For the next year, analysts anticipate that the firm will report sales of $294.25 million, with estimates ranging from $289.04 million to $304.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for First Bancorp.

First Bancorp (NASDAQ:FBNC) last posted its earnings results 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. The company had revenue of $68.25 million during the quarter, compared to the consensus estimate of $68.41 million. First Bancorp had a return on equity of 12.16% and a net margin of 30.47%.

A number of research firms recently commented on FBNC. Zacks Investment Research downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, April 15th. BidaskClub raised First Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 13th. Sandler O’Neill raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, March 25th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research note on Monday, March 18th. Finally, FIG Partners raised First Bancorp from a “market perform” rating to an “outperform” rating in a research note on Thursday, January 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. First Bancorp has a consensus rating of “Hold” and an average target price of $41.25.

A number of institutional investors have recently added to or reduced their stakes in FBNC. Vaughan Nelson Investment Management L.P. bought a new position in First Bancorp in the fourth quarter valued at about $34,515,000. BlackRock Inc. grew its position in First Bancorp by 9.7% in the third quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock valued at $85,579,000 after acquiring an additional 187,396 shares during the last quarter. Macquarie Group Ltd. grew its position in First Bancorp by 17.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,036,529 shares of the financial services provider’s stock valued at $33,853,000 after acquiring an additional 152,422 shares during the last quarter. Peregrine Capital Management LLC grew its position in First Bancorp by 66.8% in the fourth quarter. Peregrine Capital Management LLC now owns 235,913 shares of the financial services provider’s stock valued at $7,705,000 after acquiring an additional 94,510 shares during the last quarter. Finally, Natixis Advisors L.P. bought a new position in First Bancorp in the fourth quarter valued at about $2,383,000. Hedge funds and other institutional investors own 66.49% of the company’s stock.

FBNC stock traded up $0.45 during midday trading on Tuesday, reaching $36.56. The company had a trading volume of 45,058 shares, compared to its average volume of 102,736. The company has a market cap of $1.09 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24. First Bancorp has a 1-year low of $30.50 and a 1-year high of $43.14. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.53.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Sunday, March 31st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, March 28th. This is an increase from First Bancorp’s previous quarterly dividend of $0.10. First Bancorp’s payout ratio is 15.95%.

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 deposit and individual retirement accounts.

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

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