Brokerages expect First Bancorp (NASDAQ:FBNC) to announce $51.04 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for First Bancorp’s earnings, with estimates ranging from $48.60 million to $53.48 million. First Bancorp reported sales of $35.51 million during the same quarter last year, which indicates a positive year over year growth rate of 43.7%. The firm is expected to issue its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that First Bancorp will report full year sales of $51.04 million for the current financial year, with estimates ranging from $195.30 million to $206.10 million. For the next financial year, analysts forecast that the business will report sales of $249.52 million per share, with estimates ranging from $224.20 million to $262.40 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover First Bancorp.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. The firm had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million.
FBNC has been the subject of several research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $34.00 price objective on shares of First Bancorp in a research note on Monday, June 26th. Zacks Investment Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 3rd. Brean Capital set a $33.00 price objective on shares of First Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 26th. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and set a $37.00 price objective on shares of First Bancorp in a research note on Thursday, October 5th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. First Bancorp has a consensus rating of “Buy” and an average target price of $35.75.
Institutional investors have recently modified their holdings of the stock. B. Riley Financial Inc. purchased a new position in shares of First Bancorp during the second quarter worth $625,000. Victory Capital Management Inc. raised its holdings in shares of First Bancorp by 11.8% during the second quarter. Victory Capital Management Inc. now owns 51,557 shares of the financial services provider’s stock worth $1,612,000 after purchasing an additional 5,440 shares during the last quarter. JCSD Capital LLC purchased a new position in shares of First Bancorp during the second quarter worth $6,174,000. Dimensional Fund Advisors LP raised its holdings in shares of First Bancorp by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,165,101 shares of the financial services provider’s stock worth $34,126,000 after purchasing an additional 102,427 shares during the last quarter. Finally, Teachers Advisors LLC raised its holdings in shares of First Bancorp by 1.9% during the first quarter. Teachers Advisors LLC now owns 46,900 shares of the financial services provider’s stock worth $1,374,000 after purchasing an additional 876 shares during the last quarter. 66.03% of the stock is owned by hedge funds and other institutional investors.
Shares of First Bancorp (NASDAQ:FBNC) traded up 1.10% during mid-day trading on Wednesday, hitting $35.84. The stock had a trading volume of 79,145 shares. First Bancorp has a 52-week low of $19.18 and a 52-week high of $35.95. The company’s 50 day moving average is $32.85 and its 200-day moving average is $30.81. The stock has a market cap of $884.46 million, a P/E ratio of 24.98 and a beta of 1.13.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.08 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. First Bancorp’s payout ratio is currently 22.54%.
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About First Bancorp
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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