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

First Bancorp (NASDAQ:FBNC)’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 trading hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stephens started coverage on First Bancorp in a report on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 price target for the company. Keefe, Bruyette & Woods lifted their target price on shares of First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Janney Montgomery Scott lowered shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th.

First Bancorp Stock Up 0.8 %

The firm has a market capitalization of $1.67 billion, a price-to-earnings 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 business has a fifty day moving average price of $41.94 and a two-hundred day moving average price of $43.40.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share 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, equities analysts expect that First Bancorp will post 3.27 earnings per share 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. The ex-dividend date is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. First Bancorp’s payout ratio is currently 47.83%.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Bancorp by 33.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 26,703 shares of the financial services provider’s stock worth $1,174,000 after purchasing an additional 6,709 shares during the period. Old North State Trust LLC purchased a new position in First Bancorp in the fourth quarter valued at $3,206,000. ProShare Advisors LLC increased its holdings in First Bancorp by 44.3% in the fourth quarter. ProShare Advisors LLC now owns 12,093 shares of the financial services provider’s stock valued at $532,000 after buying an additional 3,715 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of First Bancorp by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,775 shares of the financial services provider’s stock worth $1,001,000 after acquiring an additional 778 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of First Bancorp by 52.2% during the 4th quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider’s stock worth $1,564,000 after acquiring an additional 12,202 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

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.