Connor Clark & Lunn Investment Management Ltd. Takes Position in First Bancorp, Inc (ME) $FNLC

Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 29,127 shares of the bank's stock, valued at approximately $1,014,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.26% of First Bancorp, Inc (ME) as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in First Bancorp, Inc (ME) in the second quarter valued at approximately $379,456,000. Deutsche Bank AG acquired a new position in First Bancorp, Inc (ME) in the 2nd quarter worth approximately $52,704,000. Bank of New York Mellon Corp purchased a new position in First Bancorp, Inc (ME) during the 2nd quarter worth approximately $15,565,000. Geode Capital Management LLC raised its position in First Bancorp, Inc (ME) by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 242,126 shares of the bank's stock worth $6,403,000 after buying an additional 1,168 shares during the last quarter. Finally, State Street Corp lifted its stake in First Bancorp, Inc (ME) by 1.4% during the 4th quarter. State Street Corp now owns 223,936 shares of the bank's stock valued at $5,921,000 after acquiring an additional 3,018 shares during the period. Institutional investors and hedge funds own 40.41% of the company's stock.

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

In other news, EVP Sarah Tolman sold 5,200 shares of First Bancorp, Inc (ME) 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 directly owned 2,191 shares of the company's stock, valued at $77,167.02. The trade was a 70.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.11% of the stock is currently owned by company insiders.

First Bancorp, Inc (ME) Stock Performance

Shares of FNLC stock opened at $34.76 on Monday. 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 stock has a market cap of $392.09 million, a PE ratio of 10.31 and a beta of 0.50. The business has a 50-day simple moving average of $34.73 and a 200-day simple moving average of $30.83.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.85 EPS for the quarter. The firm had revenue of $25.82 million for 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 company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, July 7th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend 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 dividend payout ratio is 45.10%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy".

About First Bancorp, Inc (ME)

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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