First Bancorp (NASDAQ:FNLC) Upgraded by BidaskClub to Buy

BidaskClub upgraded shares of First Bancorp (NASDAQ:FNLC) from a hold rating to a buy rating in a report released on Tuesday morning, BidAskClub reports.

Shares of NASDAQ FNLC opened at $27.20 on Tuesday. 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 stock has a 50 day simple moving average of $25.60 and a 200-day simple moving average of $25.80. The company has a market cap of $296.21 million, a PE ratio of 11.96 and a beta of 0.67. First Bancorp has a 12-month low of $24.19 and a 12-month high of $30.63.

First Bancorp (NASDAQ:FNLC) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $0.59 earnings per share (EPS) for the quarter. The business had revenue of $16.56 million during the quarter. First Bancorp had a return on equity of 12.77% and a net margin of 27.91%.

In other First Bancorp news, EVP Charles A. Wootton sold 1,053 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $26.04, for a total value of $27,420.12. Following the completion of the sale, the executive vice president now directly owns 15,621 shares in the company, valued at $406,770.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.69% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FNLC. Bank of America Corp DE lifted its position in First Bancorp by 23.4% in the fourth quarter. Bank of America Corp DE now owns 11,398 shares of the bank’s stock worth $300,000 after purchasing an additional 2,159 shares during the period. Dimensional Fund Advisors LP lifted its position in First Bancorp by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 442,136 shares of the bank’s stock worth $11,628,000 after purchasing an additional 10,447 shares during the period. BNP Paribas Arbitrage SA lifted its position in First Bancorp by 512.7% in the first quarter. BNP Paribas Arbitrage SA now owns 2,126 shares of the bank’s stock worth $53,000 after purchasing an additional 1,779 shares during the period. SG Americas Securities LLC acquired a new stake in First Bancorp in the first quarter worth approximately $104,000. Finally, Bar Harbor Trust Services acquired a new stake in First Bancorp in the first quarter worth approximately $209,000. Hedge funds and other institutional investors own 33.17% of the company’s stock.

About First Bancorp

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.

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