BlackRock Inc. Purchases New Position in First Bancorp, Inc (ME) $FNLC

BlackRock Inc. purchased a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 6,057,719 shares of the bank's stock, valued at approximately $379,456,000. BlackRock Inc. owned about 53.70% of First Bancorp, Inc (ME) as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Deutsche Bank AG purchased a new position in First Bancorp, Inc (ME) in the second quarter worth $52,704,000. Bank of New York Mellon Corp purchased a new stake in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at $15,565,000. Focus Partners Wealth purchased a new stake in shares of First Bancorp, Inc (ME) during the 1st quarter valued at $1,500,000. Rhino Investment Partners Inc bought a new stake in shares of First Bancorp, Inc (ME) during the 1st quarter worth $1,362,000. Finally, GSA Capital Partners LLP purchased a new position in shares of First Bancorp, Inc (ME) in the 2nd quarter worth about $1,837,000. 40.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

First Bancorp, Inc (ME) Trading Up 0.1%

NASDAQ:FNLC opened at $34.61 on Wednesday. The company has a market cap of $390.40 million, a P/E ratio of 10.27 and a beta of 0.50. The stock's fifty day moving average price is $34.46 and its two-hundred day moving average price is $30.73. First Bancorp, Inc has a 1 year low of $24.08 and a 1 year high of $36.30. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share 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 during the quarter.

First Bancorp, Inc (ME) Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, July 7th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.4%. This is an increase from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, July 7th. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is 45.10%.

Insider Buying and Selling

In related news, EVP Sarah Tolman sold 5,200 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $35.22, for a total transaction of $183,144.00. Following the completion of the transaction, the executive vice president owned 2,191 shares of the company's stock, valued at approximately $77,167.02. The trade was 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 accessible through the SEC website. Corporate insiders own 5.11% of the company's stock.

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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