First Bancorp (NASDAQ:FBNC) Shares Gap Down – Here’s Why

First Bancorp (NASDAQ:FBNC) shares 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

FBNC has been the topic of several recent research reports. Stephens assumed coverage on shares of First Bancorp in a research note on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 price target on the stock. Janney Montgomery Scott lowered First Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, February 7th. Finally, Keefe, Bruyette & Woods increased their price target on First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

First Bancorp Trading Down 0.1 %

The business’s 50 day simple moving average is $42.09 and its 200 day simple moving average is $43.44. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 21.80 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last issued its 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 net margin of 14.19% and a return on equity of 8.04%. On average, research analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 annualized dividend and a dividend yield of 2.19%. First Bancorp’s dividend payout ratio is currently 47.83%.

Institutional Investors Weigh In On First Bancorp

Large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its holdings in shares of First Bancorp by 20.0% in the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after purchasing an additional 297,144 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of First Bancorp by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider’s stock worth $22,306,000 after buying an additional 13,450 shares during the period. Systematic Financial Management LP acquired a new position in First Bancorp in the 3rd quarter valued at about $562,000. Geode Capital Management LLC raised its holdings in First Bancorp by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after acquiring an additional 12,922 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in First Bancorp by 220.6% during the third quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock worth $4,351,000 after acquiring an additional 71,977 shares during the last quarter. Institutional investors 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.