Quantbot Technologies LP Invests $951,000 in First Bancorp, Inc (ME) $FNLC

Quantbot Technologies LP bought a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,175 shares of the bank’s stock, valued at approximately $951,000. Quantbot Technologies LP owned approximately 0.13% of First Bancorp, Inc (ME) at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in First Bancorp, Inc (ME) by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 53,879 shares of the bank’s stock worth $1,332,000 after acquiring an additional 2,306 shares in the last quarter. Jane Street Group LLC purchased a new stake in First Bancorp, Inc (ME) during the first quarter valued at approximately $398,000. Focus Partners Wealth purchased a new stake in First Bancorp, Inc (ME) during the first quarter valued at approximately $1,500,000. Strs Ohio bought a new stake in shares of First Bancorp, Inc (ME) in the 1st quarter valued at approximately $96,000. Finally, Geode Capital Management LLC boosted its holdings in shares of First Bancorp, Inc (ME) by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 240,885 shares of the bank’s stock worth $6,122,000 after purchasing an additional 1,063 shares during the period. Institutional investors own 40.41% of the company’s stock.

Insider Activity

In related news, EVP Sarah Tolman sold 5,200 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total transaction of $183,144.00. Following the completion of the sale, the executive vice president directly owned 2,191 shares of the company’s stock, valued at approximately $77,167.02. This trade represents a 70.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.11% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research report on Thursday, June 18th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy”.

First Bancorp, Inc (ME) Price Performance

FNLC stock opened at $34.46 on Thursday. The stock has a market cap of $388.71 million, a PE ratio of 10.23 and a beta of 0.50. First Bancorp, Inc has a 12 month low of $24.08 and a 12 month high of $36.30. The company has a 50-day moving average price of $34.56 and a 200 day moving average price of $30.76. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.85 earnings per share for the quarter. The company had revenue of $25.82 million for the quarter. First Bancorp, Inc (ME) had a net margin of 21.43% and a return on equity of 13.30%.

First Bancorp, Inc (ME) Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, July 7th were issued a $0.38 dividend. The ex-dividend date was Tuesday, July 7th. This is a positive change from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 4.4%. First Bancorp, Inc (ME)’s dividend payout ratio (DPR) is currently 45.10%.

First Bancorp, Inc (ME) Profile

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.