Key Points
- Executive sale: EVP Sarah Tolman sold 5,200 FNLC shares for $183,144, reducing her direct ownership by 70.36% to 2,191 shares.
- Financial performance: First Bancorp reported quarterly EPS of $0.85 on $25.82 million in revenue, with a 21.43% net margin and 13.43% return on equity.
- Dividend and outlook: The company raised its quarterly dividend to $0.38 per share, implying a $1.52 annual payout and a 4.3% yield. The stock has a consensus “Buy” rating, while institutional investors own 40.41% of shares.
First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) EVP Sarah Tolman sold 5,200 shares of First Bancorp, Inc (ME) stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total value of $183,144.00. Following the transaction, the executive vice president directly owned 2,191 shares of the company's stock, valued at $77,167.02. This trade represents a 70.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
First Bancorp, Inc (ME) Price Performance
Shares of NASDAQ FNLC opened at $35.55 on Thursday. The stock has a market cap of $401.00 million, a price-to-earnings ratio of 10.55 and a beta of 0.50. First Bancorp, Inc has a 52 week low of $24.08 and a 52 week high of $35.93. The company's 50-day moving average price is $32.28 and its 200 day moving average price is $29.65. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33.
First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share (EPS) for the quarter. The company had revenue of $25.82 million during the quarter. First Bancorp, Inc (ME) had a net margin of 21.43% and a return on equity of 13.43%.
First Bancorp, Inc (ME) Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were issued a dividend of $0.38 per share. This is a boost from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, July 7th. This represents a $1.52 dividend on an annualized basis and a yield of 4.3%. First Bancorp, Inc (ME)'s payout ratio is currently 45.10%.
Institutional Investors Weigh In On First Bancorp, Inc (ME)
A number of institutional investors have recently added to or reduced their stakes in FNLC. Empowered Funds LLC lifted its stake in shares of First Bancorp, Inc (ME) by 7.0% in the 1st quarter. Empowered Funds LLC now owns 9,354 shares of the bank's stock valued at $262,000 after purchasing an additional 608 shares in the last quarter. Rhino Investment Partners Inc purchased a new position in First Bancorp, Inc (ME) in the first quarter valued at approximately $1,362,000. Quantinno Capital Management LP raised its holdings in First Bancorp, Inc (ME) by 37.8% in the first quarter. Quantinno Capital Management LP now owns 55,599 shares of the bank's stock valued at $1,558,000 after buying an additional 15,263 shares during the period. PNC Financial Services Group Inc. lifted its position in First Bancorp, Inc (ME) by 54.6% during the first quarter. PNC Financial Services Group Inc. now owns 3,168 shares of the bank's stock valued at $89,000 after buying an additional 1,119 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in First Bancorp, Inc (ME) by 5.5% during the first quarter. Bank of New York Mellon Corp now owns 47,867 shares of the bank's stock worth $1,342,000 after buying an additional 2,479 shares during the period. Hedge funds and other institutional investors own 40.41% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a research note on Thursday, June 18th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy".
Get Our Latest Research Report on First Bancorp, Inc (ME)
About First Bancorp, Inc (ME)
(
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First Bancorp, Inc (NASDAQ: FNLC) is a Maine-based bank holding company headquartered in Dover-Foxcroft. Through its principal subsidiary, The First National Bank of Dover-Foxcroft, the company provides a full suite of community banking services to individuals, small businesses and nonprofit organizations. Its core deposit offerings include checking, savings, money market and certificate of deposit accounts, complemented by online and mobile banking platforms.
On the lending side, First Bancorp's product portfolio spans consumer and residential mortgage loans as well as commercial and agricultural lending.
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