Insider Buying: First Bancorp, Inc (ME) (NASDAQ:FNLC) Director Buys 1,500 Shares of Stock

Key Points

• Director Kimberly Swan purchased 1,500 shares on April 30 at an average price of $28.69 (≈$43,035), increasing her holdings 11.57% to 14,470 shares valued at about $415,144.
• First Bancorp (NASDAQ: FNLC) trades near $28.85 with a market cap of roughly $325M and a P/E of 8.9; it reported $0.80 EPS for the quarter and declared a quarterly dividend of $0.37 (annualized yield ≈ 5.1%, DPR ~45.7%).
• Analyst and institutional interest: Weiss Ratings upgraded the stock to a "buy" and several institutional investors have recently initiated or increased positions, with institutions owning about 40.4% of shares.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) Director Kimberly Swan acquired 1,500 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were acquired at an average cost of $28.69 per share, with a total value of $43,035.00. Following the purchase, the director directly owned 14,470 shares of the company's stock, valued at $415,144.30. This trade represents a 11.57% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

First Bancorp, Inc (ME) Price Performance

NASDAQ:FNLC traded up $0.39 during trading hours on Friday, hitting $28.85. 3,464 shares of the company's stock traded hands, compared to its average volume of 19,796. The firm has a market cap of $325.12 million, a P/E ratio of 8.90 and a beta of 0.52. First Bancorp, Inc has a 52 week low of $23.36 and a 52 week high of $30.33. The business's fifty day simple moving average is $28.31 and its two-hundred day simple moving average is $27.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter. First Bancorp, Inc (ME) had a return on equity of 13.23% and a net margin of 20.34%.The company had revenue of $25.14 million during the quarter.

First Bancorp, Inc (ME) Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Tuesday, April 7th were given a dividend of $0.37 per share. The ex-dividend date was Tuesday, April 7th. This represents a $1.48 dividend on an annualized basis and a yield of 5.1%. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is presently 45.68%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FNLC. Focus Partners Wealth purchased a new position in shares of First Bancorp, Inc (ME) in the first quarter worth about $1,500,000. Arrowstreet Capital Limited Partnership bought a new position in shares of First Bancorp, Inc (ME) in the second quarter worth approximately $729,000. TrueMark Investments LLC bought a new position in shares of First Bancorp, Inc (ME) in the third quarter worth approximately $575,000. Bridgeway Capital Management LLC grew its holdings in shares of First Bancorp, Inc (ME) by 230.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 30,046 shares of the bank's stock worth $794,000 after purchasing an additional 20,942 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new position in shares of First Bancorp, Inc (ME) in the second quarter worth approximately $446,000. Hedge funds and other institutional investors own 40.41% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded First Bancorp, Inc (ME) from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy".

First Bancorp, Inc (ME) Company Profile

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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