First Bancorp, Inc (ME) (NASDAQ:FNLC) Share Price Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• First Bancorp, Inc (ME) (NASDAQ:FNLC) has seen its share price surpass the 200-day moving average, indicating potential positive momentum, with the stock currently trading at $26.79.
• The company recently announced an increase in its quarterly dividend from $0.36 to $0.37, reflecting a dividend yield of 5.5% and a payout ratio of 55.22%.
• Notable institutional investments include a 540.0% increase in holdings by Tower Research Capital LLC, indicating growing interest in First Bancorp among institutional investors.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $25.15 and traded as high as $27.39. First Bancorp, Inc (ME) shares last traded at $26.79, with a volume of 28,174 shares.

First Bancorp, Inc (ME) Stock Down 3.1%

The company's 50 day moving average price is $26.33 and its two-hundred day moving average price is $25.16. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.36. The stock has a market cap of $298.97 million, a P/E ratio of 9.95 and a beta of 0.56.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.72 earnings per share for the quarter. First Bancorp, Inc (ME) had a net margin of 17.39% and a return on equity of 11.60%. The firm had revenue of $22.54 million for the quarter.

First Bancorp, Inc (ME) Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Tuesday, July 8th were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, July 8th. This represents a $1.48 annualized dividend and a yield of 5.5%. This is a positive change from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.36. First Bancorp, Inc (ME)'s payout ratio is currently 55.22%.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in First Bancorp, Inc (ME) by 36.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,548 shares of the bank's stock worth $39,000 after acquiring an additional 415 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in First Bancorp, Inc (ME) by 540.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,528 shares of the bank's stock worth $64,000 after acquiring an additional 2,133 shares in the last quarter. Strs Ohio purchased a new stake in First Bancorp, Inc (ME) in the 1st quarter worth approximately $96,000. GAMMA Investing LLC increased its holdings in First Bancorp, Inc (ME) by 13,325.5% in the 1st quarter. GAMMA Investing LLC now owns 6,847 shares of the bank's stock worth $169,000 after acquiring an additional 6,796 shares in the last quarter. Finally, Bridgeway Capital Management LLC purchased a new stake in First Bancorp, Inc (ME) in the 2nd quarter worth approximately $213,000. 40.41% of the stock is owned by hedge funds and other institutional investors.

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.