ValuEngine Downgrades First Bancorp (FNLC) to Sell

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ValuEngine lowered shares of First Bancorp (NASDAQ:FNLC) from a hold rating to a sell rating in a research report report published on Monday morning.

Separately, BidaskClub downgraded First Bancorp from a hold rating to a sell rating in a research note on Thursday, August 30th.

Shares of FNLC stock opened at $28.03 on Monday. The company has a market cap of $307.08 million, a PE ratio of 13.73 and a beta of 0.62. First Bancorp has a 12-month low of $25.03 and a 12-month high of $32.33. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.36.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Investors of record on Tuesday, October 9th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.14%. The ex-dividend date was Friday, October 5th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FNLC. Dimensional Fund Advisors LP increased its stake in First Bancorp by 5.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 408,265 shares of the bank’s stock valued at $11,423,000 after purchasing an additional 21,937 shares in the last quarter. FineMark National Bank & Trust acquired a new stake in First Bancorp during the 2nd quarter valued at $490,000. Schwab Charles Investment Management Inc. grew its holdings in First Bancorp by 15.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 21,114 shares of the bank’s stock valued at $596,000 after buying an additional 2,818 shares during the last quarter. BlackRock Inc. grew its holdings in First Bancorp by 3.8% during the 2nd quarter. BlackRock Inc. now owns 716,738 shares of the bank’s stock valued at $20,226,000 after buying an additional 26,362 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in First Bancorp by 11.1% during the 2nd quarter. Renaissance Technologies LLC now owns 204,600 shares of the bank’s stock valued at $5,774,000 after buying an additional 20,500 shares during the last quarter. 32.88% of the stock is owned by hedge funds and other institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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