BidaskClub Lowers First Bancorp (NASDAQ:FNLC) to Sell

BidaskClub downgraded shares of First Bancorp (NASDAQ:FNLC) from a hold rating to a sell rating in a research note released on Saturday morning, BidAskClub reports.

Separately, ValuEngine raised First Bancorp from a sell rating to a hold rating in a research note on Saturday, May 4th.

Shares of NASDAQ FNLC opened at $25.16 on Friday. The company has a market cap of $271.86 million, a P/E ratio of 10.86 and a beta of 0.66. First Bancorp has a 12-month low of $24.49 and a 12-month high of $30.63. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $25.80.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 10th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.20 annualized dividend and a yield of 4.77%. This is an increase from First Bancorp’s previous quarterly dividend of $0.29.

In other First Bancorp news, EVP Charles A. Wootton sold 1,053 shares of First Bancorp stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $26.04, for a total transaction of $27,420.12. Following the sale, the executive vice president now owns 15,621 shares of the company’s stock, valued at approximately $406,770.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.69% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of First Bancorp by 2.0% in the fourth quarter. BlackRock Inc. now owns 737,350 shares of the bank’s stock valued at $19,392,000 after acquiring an additional 14,121 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Bancorp by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 442,136 shares of the bank’s stock valued at $11,628,000 after acquiring an additional 10,447 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of First Bancorp by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 100,781 shares of the bank’s stock valued at $2,650,000 after acquiring an additional 6,097 shares in the last quarter. Bank of America Corp DE lifted its position in shares of First Bancorp by 23.4% in the fourth quarter. Bank of America Corp DE now owns 11,398 shares of the bank’s stock valued at $300,000 after acquiring an additional 2,159 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in shares of First Bancorp by 384.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,972 shares of the bank’s stock valued at $104,000 after acquiring an additional 3,152 shares in the last quarter. 33.02% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Company Profile

The First Bancorp, Inc operates as the holding company for First National Bank that provides a range of banking products and services to individual and corporate customers. The company offers various deposit products, including demand, NOW, savings, money market, and certificates of deposit accounts.

Further Reading: What is a conference call?

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.