First Bancorp, Inc (ME) (NASDAQ:FNLC) Announces Earnings Results

Key Points

• First Bancorp, Inc (ME) reported earnings of $0.81 per share for the quarter, with a net margin of 17.39% and return on equity of 11.60%.
• The company declared a quarterly dividend of $0.37 per share, reflecting an annualized yield of 5.8% and a payout ratio of 55.22%.
• Institutional investors hold 40.41% of the stock, with significant recent acquisitions including a 4.5% increase in holdings by Goldman Sachs Group Inc.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.81 earnings per share (EPS) for the quarter, Zacks reports. First Bancorp, Inc (ME) had a net margin of 17.39% and a return on equity of 11.60%.

First Bancorp, Inc (ME) Trading Up 1.7%

Shares of NASDAQ FNLC traded up $0.42 during midday trading on Wednesday, reaching $25.64. 18,918 shares of the stock were exchanged, compared to its average volume of 21,310. The business has a 50-day simple moving average of $26.26 and a two-hundred day simple moving average of $25.27. The company has a market capitalization of $287.45 million, a price-to-earnings ratio of 9.57 and a beta of 0.56. First Bancorp, Inc has a 12 month low of $22.11 and a 12 month high of $31.05. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.86 and a quick ratio of 0.86.

First Bancorp, Inc (ME) Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Stockholders of record on Monday, October 6th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, October 6th. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is currently 55.22%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of First Bancorp, Inc (ME) in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, First Bancorp, Inc (ME) presently has an average rating of "Hold".

Institutional Investors Weigh In On First Bancorp, Inc (ME)

A number of hedge funds and other institutional investors have recently made changes to their positions in FNLC. Goldman Sachs Group Inc. raised its holdings in shares of First Bancorp, Inc (ME) by 4.5% during the first quarter. Goldman Sachs Group Inc. now owns 53,879 shares of the bank's stock worth $1,332,000 after acquiring an additional 2,306 shares during the period. Jane Street Group LLC acquired a new stake in shares of First Bancorp, Inc (ME) during the first quarter worth $398,000. Focus Partners Wealth acquired a new stake in shares of First Bancorp, Inc (ME) during the first quarter worth $1,500,000. Strs Ohio acquired a new stake in shares of First Bancorp, Inc (ME) during the first quarter worth $96,000. Finally, Geode Capital Management LLC raised its holdings in shares of First Bancorp, Inc (ME) by 0.4% during the second quarter. Geode Capital Management LLC now owns 240,885 shares of the bank's stock worth $6,122,000 after acquiring an additional 1,063 shares during the period. 40.41% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp, Inc (ME) Company Profile

The First Bancorp, Inc operates as the holding company for First National Bank that provides a range of banking products and services to individuals and businesses. It offers various deposit products, including demand, NOW, time, savings, money market, and certificates of deposit accounts. The company also provides commercial loans comprising commercial real estate owner occupied, such as mortgage loans to finance investments in real property such as retail space, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties; commercial real estate non-owner occupied loans; commercial construction to finance construction in a mix of owner- and nonowner occupied commercial real estate properties; and commercial and industrial loans, including revolving and term loan for financing working capital and/or capital investment.

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