Lowers First Bancorp (NASDAQ:FNLC) to Hold

First Bancorp (NASDAQ:FNLC – Get Rating) was downgraded by equities research analysts at from a “buy” rating to a “hold” rating in a report issued on Thursday.

First Bancorp Stock Performance

Shares of FNLC stock opened at $29.00 on Thursday. First Bancorp has a 1 year low of $26.97 and a 1 year high of $36.80. The business’s fifty day moving average is $30.17 and its 200-day moving average is $29.77. The stock has a market cap of $319.99 million, a PE ratio of 8.33 and a beta of 0.50.

First Bancorp (NASDAQ:FNLC – Get Rating) last released its earnings results on Wednesday, July 20th. The bank reported $0.91 earnings per share (EPS) for the quarter. First Bancorp had a return on equity of 16.18% and a net margin of 38.63%. The firm had revenue of $22.78 million for the quarter.

Institutional Investors Weigh In On First Bancorp


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Large investors have recently modified their holdings of the stock. Captrust Financial Advisors boosted its holdings in shares of First Bancorp by 467.6% in the second quarter. Captrust Financial Advisors now owns 1,175 shares of the bank’s stock worth $35,000 after buying an additional 968 shares during the period. Goldman Sachs Group Inc. boosted its stake in First Bancorp by 117.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 46,377 shares of the bank’s stock worth $1,397,000 after purchasing an additional 25,062 shares during the period. FMR LLC grew its position in First Bancorp by 57.4% during the 2nd quarter. FMR LLC now owns 137,091 shares of the bank’s stock worth $4,131,000 after purchasing an additional 49,984 shares in the last quarter. Bar Harbor Wealth Management acquired a new stake in First Bancorp during the 2nd quarter valued at $341,000. Finally, BNP Paribas Arbitrage SA raised its stake in First Bancorp by 49.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,595 shares of the bank’s stock valued at $78,000 after purchasing an additional 860 shares during the period. 38.89% of the stock is owned by institutional investors.

First Bancorp Company Profile

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The First Bancorp, Inc operates as the holding company for First National Bank that provides a range of banking products and services to individuals and businesses. It offers various deposit products, including demand, NOW, savings, money market, and certificates of deposit accounts. The company also provides commercial real estate loan products, such as mortgage loans to finance investments in real property comprising multi-family residential, commercial/retail, office, industrial, hotel, educational, and other specific or mixed use properties; commercial construction loans to finance construction of owner- and non-owner occupied commercial real estate properties; and other commercial loans, which include revolving and term loan obligations to business and corporate enterprises for the purpose of financing working capital or capital investment.

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