The First Bancorp, Inc. (NASDAQ:FNLC) Raises Dividend to $0.34 Per Share

The First Bancorp, Inc. (NASDAQ:FNLCGet Rating) declared a quarterly dividend on Thursday, June 30th, Zacks reports. Stockholders of record on Monday, July 11th will be paid a dividend of 0.34 per share by the bank on Friday, July 22nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Friday, July 8th. This is a boost from First Bancorp’s previous quarterly dividend of $0.32.

First Bancorp has increased its dividend payment by an average of 4.6% per year over the last three years and has raised its dividend annually for the last 2 consecutive years.

Shares of FNLC stock opened at $30.31 on Friday. The stock has a market capitalization of $334.23 million, a PE ratio of 8.99 and a beta of 0.55. The business’s 50 day simple moving average is $29.22 and its 200 day simple moving average is $30.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.78 and a quick ratio of 0.78. First Bancorp has a one year low of $26.97 and a one year high of $36.80.

First Bancorp (NASDAQ:FNLCGet Rating) last posted its quarterly earnings data on Wednesday, April 20th. The bank reported $0.88 earnings per share for the quarter. First Bancorp had a net margin of 38.21% and a return on equity of 15.47%. The company had revenue of $22.85 million during the quarter.

Separately, StockNews.com downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, May 23rd.

Hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in First Bancorp by 1.5% in the first quarter. The Manufacturers Life Insurance Company now owns 430,391 shares of the bank’s stock worth $12,946,000 after purchasing an additional 6,227 shares during the period. Renaissance Technologies LLC grew its stake in shares of First Bancorp by 4.4% in the 1st quarter. Renaissance Technologies LLC now owns 166,795 shares of the bank’s stock valued at $5,017,000 after buying an additional 7,100 shares during the period. Bank of New York Mellon Corp increased its position in First Bancorp by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 96,157 shares of the bank’s stock valued at $2,892,000 after buying an additional 4,908 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in First Bancorp by 69.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 21,315 shares of the bank’s stock worth $641,000 after buying an additional 8,711 shares during the period. Finally, American Century Companies Inc. boosted its holdings in First Bancorp by 27.4% in the first quarter. American Century Companies Inc. now owns 16,668 shares of the bank’s stock worth $501,000 after acquiring an additional 3,582 shares in the last quarter. 39.14% of the stock is currently owned by institutional investors and hedge funds.

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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Dividend History for First Bancorp (NASDAQ:FNLC)

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