The First Bancorp, Inc. (NASDAQ:FNLC – Get Rating) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 148,600 shares, a growth of 22.2% from the May 31st total of 121,600 shares. Based on an average trading volume of 18,200 shares, the days-to-cover ratio is presently 8.2 days. Currently, 1.6% of the shares of the company are sold short.
Hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new position in shares of First Bancorp in the first quarter worth $38,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of First Bancorp by 136.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,732 shares of the bank’s stock worth $52,000 after purchasing an additional 1,000 shares during the period. Acadian Asset Management LLC bought a new position in shares of First Bancorp in the first quarter worth $58,000. Allspring Global Investments Holdings LLC bought a new position in shares of First Bancorp in the first quarter worth $73,000. Finally, Metropolitan Life Insurance Co NY bought a new position in shares of First Bancorp in the third quarter worth $83,000. 39.14% of the stock is currently owned by institutional investors and hedge funds.
Separately, StockNews.com cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Monday, May 23rd.
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FNLC stock traded up $0.18 during midday trading on Monday, reaching $30.31. 916 shares of the company’s stock traded hands, compared to its average volume of 18,390. The company has a 50-day moving average price of $29.22 and a two-hundred day moving average price of $30.30. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 0.78. First Bancorp has a 52 week low of $26.97 and a 52 week high of $36.80. The firm has a market capitalization of $334.23 million, a PE ratio of 8.99 and a beta of 0.52.
First Bancorp (NASDAQ:FNLC – Get Rating) last issued its earnings results on Wednesday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter. First Bancorp had a net margin of 38.21% and a return on equity of 15.47%. The business had revenue of $22.85 million for the quarter.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 22nd. Shareholders of record on Monday, July 11th will be issued a dividend of $0.34 per share. This is a boost from First Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, July 8th. This represents a $1.36 dividend on an annualized basis and a yield of 4.49%. First Bancorp’s payout ratio is presently 37.98%.
About First Bancorp (Get Rating)
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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Read More: The First Bancorp, Inc. (NASDAQ:FNLC) Short Interest Update