First Bancorp (NASDAQ:FBNC) Plans Dividend Increase - $0.23 Per Share

Key Points

• First Bancorp announced a quarterly dividend of $0.23 per share, reflecting a significant 27.8% increase from the previous dividend of $0.18.
• The company's payout ratio stands at 23.0%, indicating that the dividend is well-covered by earnings, with expectations of $3.48 earnings per share next year.
• First Bancorp has a market cap of $2.21 billion and reported a quarterly revenue of $111.02 million, exceeding analysts’ expectations.

First Bancorp (NASDAQ:FBNC - Get Free Report) declared a quarterly dividend on Tuesday, July 29th. Investors of record on Tuesday, September 30th will be given a dividend of 0.23 per share by the financial services provider on Saturday, October 25th. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a 27.8% increase from First Bancorp's previous quarterly dividend of $0.18.

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 Performance

NASDAQ FBNC traded up $0.28 during trading hours on Friday, reaching $53.19. The stock had a trading volume of 114,961 shares, compared to its average volume of 202,485. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $2.21 billion, a P/E ratio of 22.73 and a beta of 1.00. The stock has a fifty day moving average of $52.39 and a 200 day moving average of $45.19. First Bancorp has a 52-week low of $34.50 and a 52-week high of $56.45.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.05. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%.The business had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. Sell-side analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

Hedge Funds Weigh In On First Bancorp

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in shares of First Bancorp by 33.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,703 shares of the financial services provider's stock worth $1,174,000 after acquiring an additional 6,709 shares during the period. GAMMA Investing LLC lifted its stake in shares of First Bancorp by 4,012.5% in the 1st quarter. GAMMA Investing LLC now owns 56,999 shares of the financial services provider's stock worth $2,288,000 after acquiring an additional 55,613 shares during the period. Chatham Capital Group Inc. lifted its holdings in shares of First Bancorp by 4.5% in the first quarter. Chatham Capital Group Inc. now owns 79,002 shares of the financial services provider's stock valued at $3,171,000 after purchasing an additional 3,435 shares in the last quarter. SG Americas Securities LLC acquired a new position in First Bancorp during the first quarter worth approximately $546,000. Finally, Blue Trust Inc. acquired a new stake in First Bancorp during the 1st quarter valued at $128,000. Institutional investors own 68.36% 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. 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.

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