Zacks: Brokerages Anticipate First Bancorp (FBNC) Will Post Quarterly Sales of $49.49 Million

Analysts forecast that First Bancorp (NASDAQ:FBNC) will announce $49.49 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for First Bancorp’s earnings, with the lowest sales estimate coming in at $47.90 million and the highest estimate coming in at $51.07 million. First Bancorp posted sales of $37.46 million in the same quarter last year, which suggests a positive year over year growth rate of 32.1%. The firm is scheduled to announce its next earnings results on Tuesday, July 25th.

According to Zacks, analysts expect that First Bancorp will report full year sales of $49.49 million for the current fiscal year, with estimates ranging from $194.60 million to $201.62 million. For the next financial year, analysts expect that the business will report sales of $242.85 million per share, with estimates ranging from $224.20 million to $258.74 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow First Bancorp.

A number of analysts have issued reports on FBNC shares. Zacks Investment Research downgraded First Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Brean Capital started coverage on First Bancorp in a research report on Friday. They issued a “buy” rating and a $33.00 target price for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $29.50.

In other news, insider Eric P. Credle bought 1,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was acquired at an average cost of $29.89 per share, with a total value of $29,890.00. Following the completion of the transaction, the insider now directly owns 26,674 shares of the company’s stock, valued at approximately $797,285.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders acquired 3,222 shares of company stock valued at $93,519 over the last three months. Company insiders own 2.37% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock worth $28,841,000 after buying an additional 76,554 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in First Bancorp during the fourth quarter worth about $300,000. Castine Capital Management LLC purchased a new stake in First Bancorp during the fourth quarter worth about $3,578,000. Dalton Greiner Hartman Maher & Co. increased its stake in First Bancorp by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 73,448 shares of the financial services provider’s stock worth $2,151,000 after buying an additional 273 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in First Bancorp by 91.0% in the fourth quarter. Renaissance Technologies LLC now owns 589,800 shares of the financial services provider’s stock worth $16,007,000 after buying an additional 281,000 shares in the last quarter. 53.02% of the stock is owned by institutional investors and hedge funds.

Shares of First Bancorp (NASDAQ FBNC) traded up 4.23% on Friday, reaching $30.32. The company had a trading volume of 72,658 shares. The firm has a market capitalization of $747.51 million, a price-to-earnings ratio of 22.71 and a beta of 1.10. First Bancorp has a 52-week low of $17.15 and a 52-week high of $32.27. The company’s 50-day moving average price is $29.23 and its 200-day moving average price is $28.58.

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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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:FBNC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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