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

First Bancorp (NASDAQ:FBNC - Get Free Report) declared a quarterly dividend on Monday, June 16th, Wall Street Journal reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.23 per share by the financial services provider on Friday, July 25th. This represents a $0.92 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, June 30th. This is a 4.5% increase from First Bancorp's previous quarterly dividend of $0.22.

First Bancorp has a dividend 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 Down 0.9%

FBNC stock traded down $0.37 during trading on Monday, reaching $40.33. 235,189 shares of the stock were exchanged, compared to its average volume of 186,795. The firm's 50 day moving average is $40.39 and its 200 day moving average is $42.07. The firm has a market cap of $1.67 billion, a P/E ratio of 21.92 and a beta of 0.86. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. First Bancorp has a twelve month low of $29.53 and a twelve month high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.06. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. The company had revenue of $105.79 million for the quarter, compared to analysts' expectations of $105.81 million. As a group, research analysts forecast that First Bancorp will post 3.27 EPS for the current year.

Institutional Investors Weigh In On First Bancorp

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of 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 purchasing an additional 2,781 shares during the period. AQR Capital Management LLC bought a new stake in shares of First Bancorp during the 1st quarter valued at $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Bancorp by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock worth $961,000 after purchasing an additional 1,160 shares during the period. Millennium Management LLC purchased a new position in First Bancorp during the first quarter valued at approximately $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider's stock worth $10,383,000 after buying an additional 15,570 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

Analyst Ratings Changes

FBNC has been the subject of several analyst reports. Piper Sandler began coverage on First Bancorp in a research note on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price objective for the company. Stephens raised their price objective on First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $49.33.

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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.