First Bancorp, Inc (ME) (NASDAQ:FNLC) Releases Quarterly Earnings Results

First Bancorp, Inc (ME) (NASDAQ:FNLC) announced its quarterly earnings data on Wednesday. The bank reported $0.95 earnings per share for the quarter, FiscalAI reports. First Bancorp, Inc (ME) had a net margin of 21.43% and a return on equity of 13.30%. The business had revenue of $27.48 million for the quarter.

First Bancorp, Inc (ME) Price Performance

FNLC stock opened at $34.56 on Thursday. The stock has a 50-day moving average price of $34.48 and a two-hundred day moving average price of $32.49. First Bancorp, Inc has a 12-month low of $24.39 and a 12-month high of $36.30. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The company has a market cap of $389.84 million, a PE ratio of 10.20 and a beta of 0.49.

First Bancorp, Inc (ME) Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Tuesday, October 6th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, October 6th. First Bancorp, Inc (ME)’s payout ratio is 45.10%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research report on Monday, September 14th. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Insider Buying and Selling

In other news, EVP Sarah Tolman sold 5,200 shares of the firm’s stock in a transaction dated 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 in the company, valued at $77,167.02. This trade represents a 70.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp, Inc (ME)

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in First Bancorp, Inc (ME) during the 2nd quarter worth approximately $31,548,000. The Manufacturers Life Insurance Company acquired a new position in First Bancorp, Inc (ME) during the second quarter valued at approximately $13,080,000. Bank of New York Mellon Corp acquired a new position in First Bancorp, Inc (ME) during the second quarter valued at approximately $1,719,000. Rhino Investment Partners Inc acquired a new position in First Bancorp, Inc (ME) during the first quarter valued at approximately $1,362,000. Finally, Kimelman & Baird LLC acquired a new position in First Bancorp, Inc (ME) during the second quarter valued at approximately $1,240,000. 40.41% of the stock is owned by institutional investors and hedge funds.

First Bancorp, Inc (ME) Company Profile

First Bancorp, Inc is a bank holding company headquartered in Damariscotta, Maine. Its principal subsidiary, First National Bank, provides banking and financial services to individuals, families, businesses and municipalities throughout Maine.

First National Bank offers deposit products, residential and commercial real estate lending, consumer loans, business financing and other commercial banking services. The bank also provides wealth management and investment-related services through its trust and investment operations.

First National Bank traces its history to 1852 and operates a community banking network serving customers primarily in central and coastal Maine.