First Bancorp Plans Quarterly Dividend of $0.12 (NASDAQ:FBNC)

First Bancorp (NASDAQ:FBNC) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Stockholders of record on Sunday, June 30th will be given a dividend of 0.12 per share by the financial services provider on Thursday, July 25th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, June 27th.

First Bancorp has raised its dividend by an average of 5.9% per year over the last three years. First Bancorp has a dividend payout ratio of 15.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Bancorp to earn $3.11 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 15.4%.

FBNC traded down $0.35 on Wednesday, hitting $35.65. 175,024 shares of the stock traded hands, compared to its average volume of 88,658. First Bancorp has a 52 week low of $30.50 and a 52 week high of $43.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.52. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 2.65 and a beta of 1.24. The business has a fifty day moving average of $36.40.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.04. First Bancorp had a return on equity of 12.04% and a net margin of 30.44%. The firm had revenue of $68.24 million for the quarter, compared to analyst estimates of $67.41 million. On average, research analysts forecast that First Bancorp will post 3.09 earnings per share for the current fiscal year.

Several brokerages recently issued reports on FBNC. BidaskClub upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Brean Capital restated a “buy” rating on shares of First Bancorp in a research note on Monday, March 18th. Gabelli upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Thursday, April 25th. Finally, Zacks Investment Research upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $41.40.

In other First Bancorp news, Director Mary Clara Capel sold 1,000 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $35.50, for a total transaction of $35,500.00. Following the completion of the sale, the director now owns 15,009 shares in the company, valued at approximately $532,819.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas F. Phillips sold 2,250 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the completion of the sale, the director now owns 84,212 shares of the company’s stock, valued at approximately $2,996,262.96. The disclosure for this sale can be found here. Insiders sold a total of 4,250 shares of company stock worth $151,855 over the last three months. 2.37% of the stock is owned by company insiders.

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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