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

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) released its quarterly earnings results on Wednesday. The bank reported $0.72 earnings per share (EPS) for the quarter, Zacks reports. First Bancorp, Inc (ME) had a return on equity of 11.70% and a net margin of 17.39%. The firm had revenue of $22.54 million for the quarter.

First Bancorp, Inc (ME) Stock Performance

Shares of NASDAQ FNLC traded up $0.78 during midday trading on Friday, reaching $25.66. 22,331 shares of the company were exchanged, compared to its average volume of 28,777. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.27. First Bancorp, Inc has a 1 year low of $22.11 and a 1 year high of $31.05. The stock has a fifty day simple moving average of $25.05 and a 200 day simple moving average of $25.00. The stock has a market cap of $287.39 million, a P/E ratio of 9.57 and a beta of 0.54.

First Bancorp, Inc (ME) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Tuesday, July 8th were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, July 8th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.77%. This is a positive change from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.36. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is currently 55.22%.

Insider Activity

In related news, Director Ingrid Wilbur Kachmar purchased 4,000 shares of the stock in a transaction that occurred on Monday, April 28th. The shares were purchased at an average price of $24.10 per share, with a total value of $96,400.00. Following the completion of the acquisition, the director directly owned 5,015 shares in the company, valued at $120,861.50. This represents a 394.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp, Inc (ME)

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Focus Partners Wealth purchased a new stake in First Bancorp, Inc (ME) in the 1st quarter valued at approximately $1,500,000. Jane Street Group LLC purchased a new stake in First Bancorp, Inc (ME) in the 1st quarter valued at approximately $398,000. Strs Ohio purchased a new stake in First Bancorp, Inc (ME) in the 1st quarter valued at approximately $96,000. Finally, Goldman Sachs Group Inc. boosted its holdings in First Bancorp, Inc (ME) by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 53,879 shares of the bank's stock valued at $1,332,000 after purchasing an additional 2,306 shares in the last quarter. Hedge funds and other institutional investors own 40.41% of the company's stock.

About First Bancorp, Inc (ME)

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.