49,366 Shares in First Bancorp, Inc (ME) $FNLC Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 49,366 shares of First Bancorp, Inc. (ME), worth approximately $1.72 million and representing about 0.44% of the company. Institutional investors collectively own 40.41% of the stock.
• First Bancorp reported quarterly EPS of $0.85 on $25.82 million in revenue, with a 13.30% return on equity and a 21.43% net margin. The stock recently traded at $34.58, near its 52-week high of $36.30.
• The company increased its quarterly dividend to $0.38 per share, or $1.52 annually, representing a 4.4% yield and a 45.10% payout ratio. The stock maintains a consensus “Buy” rating.

Bank of New York Mellon Corp acquired a new stake in First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 49,366 shares of the bank's stock, valued at approximately $1,719,000. Bank of New York Mellon Corp owned approximately 0.44% of First Bancorp, Inc (ME) at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Focus Partners Wealth purchased a new stake in shares of First Bancorp, Inc (ME) in the 1st quarter valued at about $1,500,000. Rhino Investment Partners Inc purchased a new position in First Bancorp, Inc (ME) during the 1st quarter worth approximately $1,362,000. Arrowstreet Capital Limited Partnership acquired a new position in First Bancorp, Inc (ME) during the second quarter worth approximately $729,000. Bridgeway Capital Management LLC increased its position in First Bancorp, Inc (ME) by 230.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 30,046 shares of the bank's stock worth $794,000 after buying an additional 20,942 shares during the period. Finally, Quantinno Capital Management LP purchased a new stake in First Bancorp, Inc (ME) in the second quarter valued at approximately $446,000. Hedge funds and other institutional investors own 40.41% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated 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.com, First Bancorp, Inc (ME) currently has a consensus rating of "Buy".

First Bancorp, Inc (ME) Stock Performance

NASDAQ FNLC opened at $34.58 on Wednesday. The firm has a market cap of $390.13 million, a P/E ratio of 10.26 and a beta of 0.49. First Bancorp, Inc has a 52-week low of $24.08 and a 52-week high of $36.30. The business's 50-day moving average price is $34.77 and its 200 day moving average price is $31.10. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last posted 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 firm had revenue of $25.82 million during the quarter.

First Bancorp, Inc (ME) Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.4%. 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. First Bancorp, Inc (ME)'s payout ratio is presently 45.10%.

Insider Buying and Selling at First Bancorp, Inc (ME)

In related news, EVP Sarah Tolman sold 5,200 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 2,191 shares of the company's stock, valued at $77,167.02. This represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.11% of the stock is currently owned by company insiders.

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.

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