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

First Bancorp (NASDAQ:FBNC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.51, but opened at $40.67. First Bancorp shares last traded at $41.64, with a volume of 27,665 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. 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 lifted their price target on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Stephens assumed coverage on First Bancorp in a report on Wednesday. They set an “overweight” rating and a $48.00 price objective for the company.

First Bancorp Stock Performance

The stock’s 50-day moving average is $42.29 and its 200-day moving average is $43.44. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 22.40 and a beta of 1.04.

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

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Monday, March 31st. First Bancorp’s dividend payout ratio is presently 47.83%.

Institutional Investors Weigh In On First Bancorp

A number of large investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in 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 acquiring an additional 265 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of 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 worth $55,000 after purchasing an additional 1,123 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of First Bancorp by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 253 shares during the period. KBC Group NV grew its holdings in First Bancorp by 76.0% during the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,119 shares in the last quarter. Finally, Salem Investment Counselors Inc. grew its holdings in 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 purchasing an additional 2,171 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

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.