First Bancorp (NASDAQ:FBNC) Declares Quarterly Dividend of $0.24

First Bancorp (NASDAQ:FBNC) announced a quarterly dividend on Tuesday, January 27th. Stockholders of record on Tuesday, March 31st will be given a dividend of 0.24 per share by the financial services provider on Friday, April 24th. 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, March 31st. This is a 4.3% increase from First Bancorp’s previous quarterly dividend of $0.23.

First Bancorp has increased its dividend payment by an average of 0.0%per year over the last three years. First Bancorp has a payout ratio of 24.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Bancorp to earn $3.48 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 26.4%.

First Bancorp Price Performance

NASDAQ FBNC traded up $0.18 on Wednesday, reaching $56.86. The company’s stock had a trading volume of 174,836 shares, compared to its average volume of 292,914. The firm’s 50 day moving average is $53.14 and its two-hundred day moving average is $51.85. The stock has a market cap of $2.36 billion, a PE ratio of 21.22 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. First Bancorp has a twelve month low of $34.50 and a twelve month high of $62.31.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. The business had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million. As a group, sell-side analysts predict that First Bancorp will post 3.27 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research note on Thursday, January 22nd. Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, January 7th. Zacks Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. Finally, Wall Street Zen downgraded First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.00.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.