29,324 Shares in First Bancorp, Inc (ME) $FNLC Purchased by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP purchased 29,324 First Bancorp shares worth approximately $1.84 million, giving it a 0.26% stake. Institutional investors collectively own 40.41% of FNLC.
• First Bancorp reported quarterly earnings of $0.85 per share on $25.82 million in revenue, while its shares recently traded at $35.62, near the 52-week high of $36.30.
• The bank increased its quarterly dividend to $0.38 per share, representing an annualized payout of $1.52 and a 4.3% yield; analysts maintain a consensus “Buy” rating.

GSA Capital Partners LLP purchased a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 29,324 shares of the bank's stock, valued at approximately $1,837,000. GSA Capital Partners LLP owned about 0.26% of First Bancorp, Inc (ME) at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FNLC. Russell Investments Group Ltd. lifted its stake in First Bancorp, Inc (ME) by 2,655.9% in the third quarter. Russell Investments Group Ltd. now owns 937 shares of the bank's stock worth $25,000 after purchasing an additional 903 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of First Bancorp, Inc (ME) by 36.6% during the second quarter. BNP Paribas Financial Markets now owns 1,548 shares of the bank's stock valued at $39,000 after buying an additional 415 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of First Bancorp, Inc (ME) by 27.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,004 shares of the bank's stock valued at $53,000 after buying an additional 435 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of First Bancorp, Inc (ME) by 540.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,528 shares of the bank's stock worth $64,000 after buying an additional 2,133 shares during the period. Finally, CWM LLC raised its holdings in shares of First Bancorp, Inc (ME) by 79.9% in the fourth quarter. CWM LLC now owns 3,073 shares of the bank's stock worth $81,000 after buying an additional 1,365 shares during the period. 40.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a report on Thursday, June 18th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, First Bancorp, Inc (ME) presently has a consensus rating of "Buy".

Insiders Place Their Bets

In related 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 transaction of $183,144.00. Following the sale, the executive vice president owned 2,191 shares of the company's stock, valued at $77,167.02. This trade represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.11% of the stock is currently owned by insiders.

First Bancorp, Inc (ME) Stock Performance

Shares of FNLC stock opened at $35.62 on Monday. The firm has a market cap of $401.79 million, a price-to-earnings ratio of 10.57 and a beta of 0.50. First Bancorp, Inc has a 52-week low of $24.08 and a 52-week high of $36.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $33.82 and its 200 day moving average is $30.36.

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

First Bancorp, Inc (ME) Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Tuesday, July 7th were paid a dividend of $0.38 per share. This is an increase 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 dividend yield of 4.3%. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is currently 45.10%.

First Bancorp, Inc (ME) Company 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.

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