First Bancorp, Inc (ME) (NASDAQ:FNLC) Stock Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• First Bancorp shares crossed above their 200-day moving average, reaching $35.99 and closing around $35.39, compared with a 200-day average of $29.96.
• The bank reported quarterly EPS of $0.85 on $25.82 million in revenue, while analysts maintained a “Buy” consensus rating.
• First Bancorp increased its quarterly dividend to $0.38, implying a $1.52 annualized payout and a 4.3% dividend yield; an executive also sold 5,200 shares.

Shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $29.96 and traded as high as $35.99. First Bancorp, Inc (ME) shares last traded at $35.39, with a volume of 22,013 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, First Bancorp, Inc (ME) currently has a consensus rating of "Buy".

First Bancorp, Inc (ME) Stock Performance

The stock has a market capitalization of $399.20 million, a P/E ratio of 10.50 and a beta of 0.50. The company's 50-day moving average is $32.94 and its two-hundred day moving average is $29.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share (EPS) for the quarter. The company had revenue of $25.82 million during the quarter. First Bancorp, Inc (ME) had a return on equity of 13.43% and a net margin of 21.43%.

First Bancorp, Inc (ME) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were issued a $0.38 dividend. This is an increase from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, July 7th. First Bancorp, Inc (ME)'s dividend payout ratio is currently 45.10%.

Insider Activity

In other First Bancorp, Inc (ME) news, EVP Sarah Tolman sold 5,200 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total transaction of $183,144.00. Following the sale, the executive vice president owned 2,191 shares in the company, valued at approximately $77,167.02. The trade was a 70.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.11% of the stock is owned by company insiders.

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

Large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its holdings in shares of First Bancorp, Inc (ME) by 2,655.9% during the third quarter. Russell Investments Group Ltd. now owns 937 shares of the bank's stock worth $25,000 after purchasing an additional 903 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of First Bancorp, Inc (ME) by 36.6% during the second 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. PNC Financial Services Group Inc. raised its holdings in shares of First Bancorp, Inc (ME) by 27.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,004 shares of the bank's stock worth $53,000 after acquiring an additional 435 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in First Bancorp, Inc (ME) by 540.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,528 shares of the bank's stock valued at $64,000 after purchasing an additional 2,133 shares in the last quarter. Finally, CWM LLC increased its position in First Bancorp, Inc (ME) by 79.9% in the 4th quarter. CWM LLC now owns 3,073 shares of the bank's stock worth $81,000 after purchasing an additional 1,365 shares during the last quarter. Institutional investors and hedge funds own 40.41% of the company's stock.

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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