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

First Bancorp (NASDAQ:FBNC) declared a quarterly dividend on Friday, June 12th. Shareholders of record on Tuesday, June 30th will be paid a dividend of 0.24 per share by the financial services provider on Friday, July 24th. This represents a c) dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, June 30th.

First Bancorp has raised its dividend payment by an average of 0.0%annually over the last three years. First Bancorp has a payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Bancorp to earn $4.92 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 19.5%.

First Bancorp Price Performance

First Bancorp stock opened at $61.78 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.56 billion, a PE ratio of 21.09 and a beta of 0.81. First Bancorp has a 12 month low of $40.00 and a 12 month high of $62.64. The stock has a 50-day moving average price of $58.64 and a two-hundred day moving average price of $56.57.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%.The company had revenue of $122.29 million for the quarter, compared to analysts’ expectations of $123.21 million. Analysts expect that First Bancorp will post 4.67 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Brean Capital started coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. Finally, Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.95.

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.