How do you change folder names?

[wintersg3]

I'm feeling a bit stupid here, I have a new Incredible and I added a folder to one of the home screens and it is called "folder". How do I change it's name?

 

[jradicle11]

On my Devour, open the folder, tap and hold the folder name when opened, and a rename box should pop up.

Picture courtesy of androidauthority.