First Bancorp announces common stock dividend of $0.22

First Bancorp (NASDAQ: FBNC), the parent company of First Bank, said on Friday that its Board of Directors had authorized a quarterly cash dividend on its common stock of $0.22 per share.

The dividend will be paid on April 25th to shareholders of record as of the close of business on March 31st 2024, the company said.

“2023 was a challenging year and your Company performed well, maintaining strong capital and liquidity despite the headwinds faced by the entire banking industry. We are pleased that our capital position allows us the opportunity to continue the level of cash dividend providing our shareholders with a valuable return on their investments,” Richard Moore, Chief Executive Officer of First Bancorp, said in a press release.

Stock Performance

The shares of First Bancorp (FBNC) closed 2.07% ($0.69) higher at $34.06 on Nasdaq on Friday, as they snapped a four-day streak of losses.

The company’s total market cap now stands at $1.401 billion.

The shares of First Bancorp (FBNC) went down 13.61% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 7.97% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for First Bancorp’s stock had rated the latter as “Buy”. The median price target on the stock stands at $40.00, which translates into a 17.44% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $40.00.