First Bancorp, Inc (ME) (NASDAQ:FNLC) Stock Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• First Bancorp, Inc (ME) shares surpassed their 200-day moving average of $25.01, reaching a high of $27.40 during trading, with a last traded price of $27.20.
• The company announced a quarterly dividend increase to $0.37 per share, representing an annualized dividend of $1.48 and a yield of 5.4%.
• Institutional investors now own 40.41% of First Bancorp, Inc (ME) stock, with notable new positions established by multiple hedge funds in the recent quarters.

Shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $25.01 and traded as high as $27.40. First Bancorp, Inc (ME) shares last traded at $27.20, with a volume of 19,120 shares.

First Bancorp, Inc (ME) Stock Up 0.6%

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 firm has a market capitalization of $304.91 million, a P/E ratio of 10.15 and a beta of 0.56. The company has a 50 day simple moving average of $25.76 and a two-hundred day simple moving average of $25.01.

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

First Bancorp, Inc (ME) Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Tuesday, July 8th were given 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 5.4%. This is an increase from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.36. First Bancorp, Inc (ME)'s dividend payout ratio is currently 55.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FNLC. CSM Advisors LLC bought a new position in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at approximately $1,738,000. Focus Partners Wealth bought a new position in shares of First Bancorp, Inc (ME) during the 1st quarter valued at approximately $1,500,000. Arrowstreet Capital Limited Partnership bought a new position in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at approximately $729,000. Nuveen LLC bought a new position in shares of First Bancorp, Inc (ME) during the 1st quarter valued at approximately $705,000. Finally, Quantinno Capital Management LP bought a new position in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at approximately $446,000. 40.41% of the stock is currently owned by institutional investors.

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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