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Analysts at Guggenheim lifted their target price on shares of First Bancorp (NASDAQ:FNLC) from $0.50 to $5.50 in a research report issued to clients and investors on Tuesday. Guggenheim’s price objective points to a potential downside of 66.89% from the company’s current price.

First Bancorp (NASDAQ:FNLC) traded up 0.42% on Tuesday, hitting $16.68. 3,690 shares of the company’s stock traded hands. First Bancorp has a 52 week low of $15.51 and a 52 week high of $18.24. The stock’s 50-day moving average is $16. and its 200-day moving average is $16.51. The company has a market cap of $178.6 million and a P/E ratio of 13.31.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, July 31st. Investors of record on Monday, July 7th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date of this dividend is Wednesday, July 2nd. This is an increase from First Bancorp’s previous quarterly dividend of $0.20.

The First Bancorp, Inc is a holding company of The First, N.A. (NASDAQ:FNLC).

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