First Bancorp (NASDAQ:FBNC) Plans $0.22 Quarterly Dividend

First Bancorp (NASDAQ:FBNC) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.22 per share by the financial services provider on Saturday, January 25th. This represents a $0.88 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Bancorp has increased its dividend by an average of 6.9% per year over the last three years. First Bancorp has a payout ratio of 28.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Bancorp to earn $3.08 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 28.6%.

First Bancorp Stock Down 1.2 %

Shares of NASDAQ FBNC traded down $0.59 during midday trading on Tuesday, reaching $47.35. 228,092 shares of the company’s stock were exchanged, compared to its average volume of 166,818. The stock has a market capitalization of $1.96 billion, a PE ratio of 19.09 and a beta of 1.04. First Bancorp has a 52-week low of $29.53 and a 52-week high of $50.34. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. The business’s fifty day moving average price is $45.11 and its two-hundred day moving average price is $40.32.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.70. The company had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. Analysts forecast that First Bancorp will post 2.72 EPS for the current year.

Insider Transactions at First Bancorp

In related news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the completion of the sale, the director now owns 65,618 shares of the company’s stock, valued at $2,872,099.86. This represents a 3.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.