First Bancorp (FNLC) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of First Bancorp (NASDAQ:FNLC) from a sell rating to a hold rating in a report published on Saturday, February 3rd.

Shares of First Bancorp (NASDAQ:FNLC) opened at $27.32 on Friday. First Bancorp has a 52-week low of $25.00 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $295.88, a PE ratio of 15.09 and a beta of 0.66.

First Bancorp (NASDAQ:FNLC) last posted its earnings results on Wednesday, January 17th. The bank reported $0.47 EPS for the quarter. The firm had revenue of $15.42 million during the quarter. First Bancorp had a net margin of 26.69% and a return on equity of 11.04%.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Monday, January 8th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, January 5th. This represents a $0.96 dividend on an annualized basis and a yield of 3.51%. First Bancorp’s dividend payout ratio (DPR) is presently 53.04%.

In other First Bancorp news, Director Mark N. Rosborough acquired 1,066 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The stock was acquired at an average price of $28.00 per share, for a total transaction of $29,848.00. Following the acquisition, the director now directly owns 123,889 shares in the company, valued at $3,468,892. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.63% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in FNLC. BlackRock Inc. grew its position in shares of First Bancorp by 1.2% during the 4th quarter. BlackRock Inc. now owns 697,787 shares of the bank’s stock worth $19,002,000 after buying an additional 8,508 shares during the period. The Manufacturers Life Insurance Company lifted its stake in First Bancorp by 4.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 457,508 shares of the bank’s stock valued at $12,380,000 after acquiring an additional 20,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Bancorp by 3.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 368,198 shares of the bank’s stock valued at $11,160,000 after acquiring an additional 11,371 shares in the last quarter. Vanguard Group Inc. lifted its stake in First Bancorp by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 331,976 shares of the bank’s stock valued at $8,983,000 after acquiring an additional 3,271 shares in the last quarter. Finally, State Street Corp lifted its stake in First Bancorp by 9.1% during the 2nd quarter. State Street Corp now owns 179,411 shares of the bank’s stock valued at $4,855,000 after acquiring an additional 14,952 shares in the last quarter. 31.86% of the stock is owned by institutional investors and hedge funds.

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About First Bancorp

The First Bancorp, Inc is the bank holding company of First National Bank (the Bank). The Bank offers a range of financial services to individuals and companies in coastal Maine. The Company, through First Advisors, a division of the Bank, offers a range of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations and municipalities of various asset sizes.

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