First Bancorp (NASDAQ:FBNC) Increases Dividend to $0.23 Per Share

First Bancorp (NASDAQ:FBNC - Get Free Report) announced a quarterly dividend on Tuesday, April 29th, Wall Street Journal reports. Investors of record on Monday, June 30th will be given a dividend of 0.23 per share by the financial services provider on Friday, July 25th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Monday, June 30th. This is a 4.5% increase from First Bancorp's previous quarterly dividend of $0.22.

First Bancorp has a payout ratio of 23.0% meaning its dividend is sufficiently covered by earnings. Analysts expect First Bancorp to earn $3.48 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 25.3%.

First Bancorp Stock Up 0.7%

NASDAQ:FBNC traded up $0.30 during mid-day trading on Thursday, hitting $40.62. The stock had a trading volume of 109,667 shares, compared to its average volume of 187,165. First Bancorp has a twelve month low of $29.53 and a twelve month high of $50.34. The stock has a 50-day simple moving average of $40.65 and a two-hundred day simple moving average of $41.95. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.68 billion, a PE ratio of 19.25 and a beta of 0.86.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.06. The company had revenue of $105.79 million for the quarter, compared to the consensus estimate of $105.81 million. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. On average, equities research analysts anticipate that First Bancorp will post 3.27 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on FBNC. Piper Sandler started coverage on First Bancorp in a research note on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price target on the stock. Stephens increased their price objective on First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their price target on First Bancorp from $51.00 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $49.33.

Hedge Funds Weigh In On First Bancorp

Several large investors have recently bought and sold shares of FBNC. AQR Capital Management LLC acquired a new stake in shares of First Bancorp during the first quarter worth about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Bancorp by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock worth $961,000 after buying an additional 1,160 shares during the period. Intech Investment Management LLC increased its position in First Bancorp by 23.0% during the first quarter. Intech Investment Management LLC now owns 30,486 shares of the financial services provider's stock worth $1,224,000 after buying an additional 5,693 shares during the period. Royal Bank of Canada lifted its stake in First Bancorp by 6.8% in the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock valued at $1,749,000 after buying an additional 2,781 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in First Bancorp in the first quarter valued at approximately $2,602,000. Institutional investors and hedge funds own 68.36% of the company's stock.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.