First Bancorp (NASDAQ:FNLC) Downgraded to Sell at BidaskClub

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

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

Shares of NASDAQ FNLC traded down $0.11 during mid-day trading on Friday, reaching $24.97. 6,687 shares of the company were exchanged, compared to its average volume of 10,995. First Bancorp has a 52 week low of $24.49 and a 52 week high of $30.63. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.05. The stock has a market cap of $273.06 million, a PE ratio of 10.90 and a beta of 0.66. The stock has a 50 day moving average of $25.80.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.81%. This is an increase from First Bancorp’s previous quarterly dividend of $0.29. The ex-dividend date was Tuesday, July 9th.

In other news, Director Katherine M. Boyd sold 1,697 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.72, for a total transaction of $43,646.84. Following the completion of the transaction, the director now directly owns 34,773 shares of the company’s stock, valued at $894,361.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles A. Wootton sold 1,053 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $26.04, for a total transaction of $27,420.12. Following the transaction, the executive vice president now directly owns 15,621 shares of the company’s stock, valued at $406,770.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,754 shares of company stock valued at $71,168. Insiders own 6.69% of the company’s stock.

Several large investors have recently modified their holdings of the company. Bank of Montreal Can increased its position in shares of First Bancorp by 607.2% during the second quarter. Bank of Montreal Can now owns 976 shares of the bank’s stock valued at $27,000 after buying an additional 838 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of First Bancorp by 512.7% during the first quarter. BNP Paribas Arbitrage SA now owns 2,126 shares of the bank’s stock valued at $53,000 after buying an additional 1,779 shares during the period. Metropolitan Life Insurance Co. NY increased its position in shares of First Bancorp by 384.4% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,972 shares of the bank’s stock valued at $104,000 after buying an additional 3,152 shares during the period. SG Americas Securities LLC purchased a new position in shares of First Bancorp during the first quarter valued at about $104,000. Finally, Bar Harbor Trust Services purchased a new position in shares of First Bancorp during the first quarter valued at about $209,000. 32.77% of the stock is 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: Growth and Income Funds

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