First Bancorp (NASDAQ:FBNC) Announces $0.18 Quarterly Dividend

First Bancorp (NASDAQ:FBNC) announced a quarterly dividend on Monday, June 15th, Wall Street Journal reports. Investors of record on Tuesday, June 30th will be paid a dividend of 0.18 per share by the financial services provider on Friday, July 24th. This represents a $0.72 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Monday, June 29th.

First Bancorp has increased its dividend payment by an average of 78.7% annually over the last three years and has raised its dividend every year for the last 2 years. First Bancorp has a dividend payout ratio of 36.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Bancorp to earn $2.09 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.4%.

Shares of First Bancorp stock opened at $22.73 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $660.10 million, a P/E ratio of 7.65, a P/E/G ratio of 2.90 and a beta of 1.27. First Bancorp has a fifty-two week low of $17.32 and a fifty-two week high of $41.34. The business has a 50-day moving average price of $24.30 and a 200 day moving average price of $30.13.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.06. The company had revenue of $68.46 million during the quarter, compared to analyst estimates of $68.23 million. First Bancorp had a return on equity of 10.45% and a net margin of 28.34%. As a group, equities research analysts anticipate that First Bancorp will post 2.01 earnings per share for the current year.

Several equities analysts have recently commented on FBNC shares. Zacks Investment Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. ValuEngine downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, April 8th. DA Davidson downgraded First Bancorp from a “buy” rating to a “neutral” rating in a research report on Friday, June 19th. Piper Sandler downgraded First Bancorp from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 18th. Finally, G.Research reiterated a “buy” rating on shares of First Bancorp in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $43.50.

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Dividend History for First Bancorp (NASDAQ:FBNC)

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