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

First Bancorp (NASDAQ:FBNC) announced a quarterly dividend on Tuesday, September 15th. Investors of record on Wednesday, September 30th will be paid a dividend of 0.24 per share by the financial services provider on Friday, October 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, September 30th.

First Bancorp has increased its dividend payment by an average of 0.0%annually over the last three years. First Bancorp has a payout ratio of 25.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Bancorp to earn $4.93 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

FBNC opened at $64.10 on Wednesday. The business has a fifty day moving average of $64.28 and a 200 day moving average of $60.53. The stock has a market cap of $2.65 billion, a P/E ratio of 19.91 and a beta of 0.80. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. As a group, sell-side analysts anticipate that First Bancorp will post 4.69 EPS for the current year.

Institutional Trading of First Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund raised its position in First Bancorp by 2.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 200 shares during the period. SouthState Bank Corp grew its position in shares of First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock valued at $670,000 after purchasing an additional 200 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of First Bancorp by 1.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock worth $1,241,000 after purchasing an additional 242 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of First Bancorp during the 2nd quarter worth about $34,000. Finally, Summit Securities Group LLC purchased a new position in First Bancorp in the 1st quarter valued at about $34,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.