First Bancorp (FBNC) Declares $0.22 Dividend

First Bancorp said on March 15, 2023 that its board of directors declared a regular quarterly dividend of $0.22 per share ($0.88 annualized). Previously, the company paid $0.22 per share.

Shares must be purchased before the ex-div date of March 30, 2023 to qualify for the dividend. Shareholders of record as of March 31, 2023 will receive the payment on April 25, 2023.

At the current share price of $37.20 / share, the stock's dividend yield is 2.37%. Looking back five years and taking a sample every week, the average dividend yield has been 1.88%, the lowest has been 0.94%, and the highest has been 3.56%. The standard deviation of yields is 0.67 (n=237).

The current dividend yield is 0.73 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.24. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.22%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 29.83% Upside

As of March 17, 2023, the average one-year price target for First Bancorp is $48.30. The forecasts range from a low of $45.45 to a high of $53.81. The average price target represents an increase of 29.83% from its latest reported closing price of $37.20.

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The projected annual revenue for First Bancorp is $487MM, an increase of 30.42%. The projected annual non-GAAP EPS is $4.45.

What is the Fund Sentiment?

There are 483 funds or institutions reporting positions in First Bancorp. This is an increase of 27 owner(s) or 5.92% in the last quarter. Average portfolio weight of all funds dedicated to FBNC is 0.16%, an increase of 18.06%. Total shares owned by institutions increased in the last three months by 3.88% to 31,242K shares. The put/call ratio of FBNC is 0.33, indicating a bullish outlook.

What are Large Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 2,468K shares representing 6.04% ownership of the company. No change in the last quarter.

Macquarie Group holds 1,307K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 1,273K shares, representing an increase of 2.63%. The firm decreased its portfolio allocation in FBNC by 58.29% over the last quarter.

Jennison Associates holds 1,196K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 1,122K shares, representing an increase of 6.17%. The firm decreased its portfolio allocation in FBNC by 99.93% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,111K shares representing 2.72% ownership of the company. In it's prior filing, the firm reported owning 1,091K shares, representing an increase of 1.76%. The firm increased its portfolio allocation in FBNC by 10.08% over the last quarter.

DCCAX - Delaware Small Cap Core Fund holds 1,069K shares representing 2.61% ownership of the company. In it's prior filing, the firm reported owning 1,032K shares, representing an increase of 3.47%. The firm increased its portfolio allocation in FBNC by 33.03% over the last quarter.

First Bancorp Background Information
(This description is provided by the company.)

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $7.1 billion. As a state-chartered community bank, First Bank operates 101 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business.

This story originally appeared on Fintel.