First Bancorp (NASDAQ:FBNC – Get Free Report) announced a quarterly dividend on Tuesday, July 23rd, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.22 per share by the financial services provider on Friday, October 25th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Monday, September 30th.
First Bancorp has increased its dividend by an average of 6.9% per year over the last three years. First Bancorp has a dividend payout ratio of 30.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Bancorp to earn $2.84 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 31.0%.
First Bancorp Stock Down 0.3 %
First Bancorp stock opened at $41.30 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. First Bancorp has a 1-year low of $26.00 and a 1-year high of $45.41. The company has a fifty day simple moving average of $41.26 and a 200 day simple moving average of $35.63. The company has a market cap of $1.70 billion, a P/E ratio of 14.91 and a beta of 1.03.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. StockNews.com cut First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, September 7th. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th.
Check Out Our Latest Research Report on First Bancorp
Insider Buying and Selling
In related news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now directly owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Suzanne S. Deferie sold 2,036 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $43.77, for a total value of $89,115.72. Following the transaction, the director now directly owns 65,618 shares of the company’s stock, valued at $2,872,099.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Suzanne S. Deferie sold 17,750 shares of First Bancorp stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $43.96, for a total transaction of $780,290.00. Following the sale, the director now directly owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,586 shares of company stock worth $1,859,154. Company insiders own 3.65% of the company’s stock.
About First Bancorp
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.
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