First Bancorp (NASDAQ:FBNC) Shares Gap Down – Should You Sell?

First Bancorp (NASDAQ:FBNC)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $40.14, but opened at $39.05. First Bancorp shares last traded at $39.65, with a volume of 31,457 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently commented on FBNC shares. Janney Montgomery Scott lowered shares of First Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, February 7th. Keefe, Bruyette & Woods raised their price target 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. Finally, Stephens started coverage on First Bancorp in a research note on Wednesday, March 26th. They set an “overweight” rating and a $48.00 price objective for the company.

First Bancorp Trading Up 0.8 %

The stock has a market capitalization of $1.67 billion, a PE ratio of 22.01 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50 day moving average price is $41.94 and its two-hundred day moving average price is $43.40.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. As a group, analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, March 31st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Monday, March 31st. First Bancorp’s dividend payout ratio is currently 47.83%.

Institutional Trading of First Bancorp

Institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC purchased a new position in First Bancorp during the third quarter worth about $384,000. Charles Schwab Investment Management Inc. grew its stake in shares of First Bancorp by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 493,847 shares of the financial services provider’s stock valued at $20,539,000 after buying an additional 14,737 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of First Bancorp by 59.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,956 shares of the financial services provider’s stock valued at $539,000 after buying an additional 4,838 shares during the period. CreativeOne Wealth LLC acquired a new position in First Bancorp during the 3rd quarter worth about $211,000. Finally, Captrust Financial Advisors boosted its holdings in First Bancorp by 0.7% during the 3rd quarter. Captrust Financial Advisors now owns 65,459 shares of the financial services provider’s stock valued at $2,722,000 after acquiring an additional 478 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

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.