First Bancorp (NASDAQ:FBNC) Shares Gap Down - What's Next?

First Bancorp (NASDAQ:FBNC - Get Free Report)'s stock price gapped down before the market opened 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 traded.

Analyst Ratings Changes

Several brokerages have issued reports on FBNC. Janney Montgomery Scott cut shares of First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Stephens assumed coverage on First Bancorp in a research report on Wednesday, March 26th. They set an "overweight" rating and a $48.00 target price for the company.

First Bancorp Price Performance

The firm has a market capitalization of $1.50 billion, a P/E ratio of 19.68 and a beta of 0.89. The company has a fifty day moving average of $41.65 and a 200 day moving average of $43.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81.

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

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Monday, March 31st. First Bancorp's dividend payout ratio (DPR) is presently 47.83%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FBNC. GAMMA Investing LLC increased its holdings in First Bancorp by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider's stock worth $61,000 after purchasing an additional 253 shares in the last quarter. Versant Capital Management Inc grew its position in shares of First Bancorp by 82.3% during the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider's stock worth $26,000 after buying an additional 265 shares during the period. Bank of Montreal Can increased its stake in shares of First Bancorp by 7.8% in the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 460 shares in the last quarter. Rhumbline Advisers lifted its position in shares of First Bancorp by 0.5% during the 4th quarter. Rhumbline Advisers now owns 124,541 shares of the financial services provider's stock valued at $5,476,000 after acquiring an additional 621 shares during the period. Finally, Swiss National Bank boosted its stake in First Bancorp by 0.9% during the fourth quarter. Swiss National Bank now owns 81,100 shares of the financial services provider's stock worth $3,566,000 after acquiring an additional 700 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

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.