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Zacks: Analysts Anticipate First Bancorp (NASDAQ:FBNC) Will Post Quarterly Sales of $70.13 Million

Analysts expect First Bancorp (NASDAQ:FBNC) to report $70.13 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $69.76 million and the highest estimate coming in at $70.50 million. First Bancorp reported sales of $68.25 million during the same quarter last year, which indicates a positive year over year growth rate of 2.8%. The firm is expected to issue its next earnings results on Wednesday, January 22nd.

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According to Zacks, analysts expect that First Bancorp will report full year sales of $279.10 million for the current fiscal year, with estimates ranging from $277.80 million to $280.50 million. For the next fiscal year, analysts forecast that the company will post sales of $283.96 million, with estimates ranging from $279.37 million to $288.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow First Bancorp.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.04. The company had revenue of $69.41 million during the quarter, compared to analyst estimates of $71.49 million. First Bancorp had a return on equity of 12.05% and a net margin of 30.74%.

FBNC has been the subject of a number of recent research reports. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, October 29th. ValuEngine upgraded First Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, BidaskClub upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $40.50.

Shares of NASDAQ:FBNC traded up $0.31 during trading on Thursday, hitting $38.82. 75,900 shares of the company traded hands, compared to its average volume of 87,333. First Bancorp has a one year low of $30.50 and a one year high of $40.47. The business’s fifty day moving average is $36.67 and its 200-day moving average is $36.35. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 3.73 and a beta of 1.10. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.37.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Monday, September 30th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.24%. First Bancorp’s payout ratio is currently 15.95%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wakefield Asset Management LLLP increased its stake in shares of First Bancorp by 2.6% in the third quarter. Wakefield Asset Management LLLP now owns 13,818 shares of the financial services provider’s stock worth $496,000 after acquiring an additional 356 shares during the last quarter. Creative Planning increased its position in First Bancorp by 2.9% during the second quarter. Creative Planning now owns 14,182 shares of the financial services provider’s stock worth $517,000 after buying an additional 400 shares during the last quarter. Envestnet Asset Management Inc. increased its position in First Bancorp by 1.3% during the second quarter. Envestnet Asset Management Inc. now owns 36,013 shares of the financial services provider’s stock worth $1,312,000 after buying an additional 449 shares during the last quarter. Greenwood Capital Associates LLC increased its position in First Bancorp by 7.7% during the second quarter. Greenwood Capital Associates LLC now owns 6,580 shares of the financial services provider’s stock worth $240,000 after buying an additional 471 shares during the last quarter. Finally, Advisor Group Inc. increased its position in First Bancorp by 9.4% during the second quarter. Advisor Group Inc. now owns 6,394 shares of the financial services provider’s stock worth $233,000 after buying an additional 550 shares during the last quarter. Institutional investors own 65.77% of the company’s stock.

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 deposit and individual retirement accounts.

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

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