First Bancorp (NASDAQ:FBNC) to Issue Quarterly Dividend of $0.18

First Bancorp (NASDAQ:FBNC - Get Free Report) announced a quarterly dividend on Monday, July 21st, RTT News reports. Shareholders of record on Thursday, August 28th will be given a dividend of 0.18 per share by the financial services provider on Friday, September 12th. This represents a $0.72 annualized dividend and a yield of 1.52%.

First Bancorp has a dividend payout ratio of 23.0% meaning its dividend is sufficiently covered by earnings. Equities 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 0.4%

FBNC traded down $0.18 during midday trading on Monday, hitting $47.52. 210,331 shares of the company's stock traded hands, compared to its average volume of 190,714. First Bancorp has a one year low of $34.50 and a one year high of $50.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock's fifty day simple moving average is $43.13 and its 200-day simple moving average is $41.82. The company has a market cap of $1.97 billion, a PE ratio of 22.52 and a beta of 0.87.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued 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. First Bancorp had a return on equity of 8.52% and a net margin of 16.08%. The firm had revenue of $105.79 million for the quarter, compared to analyst estimates of $105.81 million. As a group, equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

Institutional Trading of First Bancorp

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC acquired a new stake in shares of First Bancorp in the first quarter valued at approximately $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Bancorp by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock valued at $961,000 after purchasing an additional 1,160 shares during the period. Intech Investment Management LLC increased its stake in shares of First Bancorp by 23.0% in the 1st quarter. Intech Investment Management LLC now owns 30,486 shares of the financial services provider's stock valued at $1,224,000 after buying an additional 5,693 shares during the period. Royal Bank of Canada lifted its holdings in First Bancorp by 6.8% during the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock worth $1,749,000 after acquiring an additional 2,781 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of First Bancorp in the first quarter valued at about $2,602,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on FBNC. Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" 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. Stephens upped their target price on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Finally, Piper Sandler started coverage on First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Bancorp has an average rating of "Hold" and an average target price of $49.33.

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.

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