First Bancorp (NASDAQ:FBNC) Shares Gap Down - Here's Why

First Bancorp (NASDAQ:FBNC - Get Free Report) 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.

Wall Street Analyst Weigh In

FBNC has been the topic of several research reports. Stephens initiated coverage on shares of First Bancorp in a research report on Wednesday, March 26th. They issued an "overweight" rating and a $48.00 price objective on the stock. Janney Montgomery Scott cut shares of First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th.

First Bancorp Stock Performance

The company has a 50-day moving average price of $41.65 and a two-hundred day moving average price of $43.32. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.50 billion, a P/E ratio of 19.68 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share for the quarter, topping 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%. Equities analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

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First Bancorp Dividend Announcement

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

Hedge Funds Weigh In On First Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in shares of First Bancorp by 82.3% during the fourth quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider's stock worth $26,000 after purchasing an additional 265 shares in the last quarter. Sterling Capital Management LLC lifted its position in First Bancorp by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,123 shares during the last quarter. GAMMA Investing LLC grew its stake in First Bancorp by 22.3% in the 4th quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider's stock worth $61,000 after buying an additional 253 shares in the last quarter. KBC Group NV increased its holdings in shares of First Bancorp by 76.0% in the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider's stock worth $114,000 after buying an additional 1,119 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its position in shares of First Bancorp by 157.3% during the 4th quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider's stock valued at $157,000 after buying an additional 2,171 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

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.