First Bancorp (NASDAQ:FBNC) Declares Dividend Increase – $0.24 Per Share

First Bancorp (NASDAQ:FBNC) announced a quarterly dividend on Tuesday, January 27th. Stockholders of record on Tuesday, March 31st will be paid 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% meaning its dividend is sufficiently covered by earnings. Equities 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

FBNC traded up $0.18 on Wednesday, reaching $56.86. 174,836 shares of the company’s stock were exchanged, compared to its average volume of 292,914. First Bancorp has a twelve month low of $34.50 and a twelve month high of $62.31. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $2.36 billion, a PE ratio of 21.22 and a beta of 0.89. The stock’s fifty day moving average price is $53.14 and its 200-day moving average price is $51.85.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $123.43 million. Sell-side analysts expect that First Bancorp will post 3.27 EPS for the current year.

Institutional Trading of First Bancorp

Several institutional investors have recently added to or reduced their stakes in FBNC. Amalgamated Bank increased its stake in First Bancorp by 1.8% during the third quarter. Amalgamated Bank now owns 11,950 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 207 shares during the last quarter. Martin & Co. Inc. TN lifted its position in First Bancorp by 0.3% in the 3rd quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider’s stock valued at $3,428,000 after purchasing an additional 224 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in First Bancorp by 3.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 6,277 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 234 shares during the period. State of Alaska Department of Revenue grew its position in First Bancorp by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 238 shares during the last quarter. Finally, First Citizens Bank & Trust Co. increased its stake in shares of First Bancorp by 3.2% in the second quarter. First Citizens Bank & Trust Co. now owns 8,357 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 257 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.

About First Bancorp

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.