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

Shares of NASDAQ:FNLC opened at $27.18 on Tuesday. The company’s 50-day moving average is $25.58 and its 200 day moving average is $25.80. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $299.25 million, a P/E ratio of 11.94 and a beta of 0.67. First Bancorp has a fifty-two week low of $24.19 and a fifty-two week high of $30.63.

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

In related news, EVP Charles A. Wootton sold 1,053 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $26.04, for a total value of $27,420.12. Following the transaction, the executive vice president now directly owns 15,621 shares of the company’s stock, valued at approximately $406,770.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.69% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Beacon Investment Advisory Services Inc. purchased a new position in shares of First Bancorp in the 2nd quarter worth about $215,000. BNP Paribas Arbitrage SA raised its stake in First Bancorp by 512.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,126 shares of the bank’s stock valued at $53,000 after acquiring an additional 1,779 shares during the period. Dimensional Fund Advisors LP raised its stake in First Bancorp by 2.4% in the 4th 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 during the period. Bar Harbor Trust Services bought a new stake in First Bancorp in the 1st quarter valued at about $209,000. Finally, Vanguard Group Inc. raised its stake in First Bancorp by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 424,053 shares of the bank’s stock valued at $11,385,000 after acquiring an additional 1,124 shares during the period. 33.17% of the stock is currently owned by 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.

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