375,643 Shares in First Bancorp, Inc (ME) $FNLC Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company purchased 375,643 shares of First Bancorp, valued at approximately $13.08 million, giving it a 3.33% stake. Institutional investors collectively own 40.41% of the bank.
• First Bancorp reported quarterly EPS of $0.85 on revenue of $25.82 million, while analysts maintain an overall “Buy” rating.
• The bank increased its quarterly dividend to $0.38 per share, equivalent to an annualized dividend of $1.52 and a 4.4% yield. Shares recently traded at $34.76, near their 12-month high of $36.30.

The Manufacturers Life Insurance Company bought a new stake in First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 375,643 shares of the bank's stock, valued at approximately $13,080,000. The Manufacturers Life Insurance Company owned 3.33% of First Bancorp, Inc (ME) as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of First Bancorp, Inc (ME) during the 2nd quarter worth $379,456,000. Deutsche Bank AG acquired a new position in First Bancorp, Inc (ME) in the second quarter valued at $52,704,000. Bank of New York Mellon Corp purchased a new stake in First Bancorp, Inc (ME) during the second quarter valued at about $15,565,000. Geode Capital Management LLC increased its stake in First Bancorp, Inc (ME) by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 242,126 shares of the bank's stock worth $6,403,000 after acquiring an additional 1,168 shares during the last quarter. Finally, State Street Corp increased its stake in First Bancorp, Inc (ME) by 1.4% during the fourth quarter. State Street Corp now owns 223,936 shares of the bank's stock worth $5,921,000 after acquiring an additional 3,018 shares during the last quarter. Institutional investors and hedge funds own 40.41% of the company's stock.

Insiders Place Their Bets

In other First Bancorp, Inc (ME) news, EVP Sarah Tolman sold 5,200 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $35.22, for a total value of $183,144.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.11% of the stock is currently owned by corporate insiders.

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 investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, First Bancorp, Inc (ME) presently has an average rating of "Buy".

First Bancorp, Inc (ME) Stock Up 0.7%

Shares of First Bancorp, Inc (ME) stock opened at $34.76 on Friday. The company has a fifty day moving average price of $34.73 and a 200 day moving average price of $30.82. 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 has a twelve month low of $24.08 and a twelve month high of $36.30. The stock has a market cap of $392.09 million, a price-to-earnings ratio of 10.31 and a beta of 0.50.

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

First Bancorp, Inc (ME) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Tuesday, July 7th were given 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 of this dividend was Tuesday, July 7th. This represents a $1.52 annualized dividend and a yield of 4.4%. First Bancorp, Inc (ME)'s dividend payout ratio is presently 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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