Insider Selling: First Bancorp, Inc (ME) (NASDAQ:FNLC) EVP Sells $183,144.00 in Stock

Key Points

• Executive sale: EVP Sarah Tolman sold 5,200 FNLC shares for approximately $183,144 at an average price of $35.22, reducing her holdings by 70.36% to 2,191 shares.
• Financial performance: First Bancorp reported quarterly EPS of $0.85 on $25.82 million in revenue, with a 21.43% net margin and 13.43% return on equity. Shares recently traded near their 52-week high at $35.65.
• Shareholder returns and sentiment: The company raised its quarterly dividend to $0.38, equivalent to a 4.3% annualized yield, while institutional investors own 40.41% of the stock and the analyst consensus remains “Buy.”

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) EVP Sarah Tolman sold 5,200 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $35.22, for a total value of $183,144.00. Following the completion of the transaction, the executive vice president owned 2,191 shares in the company, valued at $77,167.02. The trade was a 70.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Bancorp, Inc (ME) Price Performance

Shares of NASDAQ:FNLC traded up $0.19 during trading on Wednesday, hitting $35.65. 6,359 shares of the company's stock were exchanged, compared to its average volume of 25,102. The business's 50-day simple moving average is $32.14 and its 200 day simple moving average is $29.59. The company has a market cap of $402.13 million, a price-to-earnings ratio of 10.58 and a beta of 0.50. First Bancorp, Inc has a 52-week low of $24.08 and a 52-week high of $35.93. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

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

First Bancorp, Inc (ME) Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FNLC. Russell Investments Group Ltd. increased its stake in First Bancorp, Inc (ME) by 2,655.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 937 shares of the bank's stock worth $25,000 after buying an additional 903 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of First Bancorp, Inc (ME) by 36.6% in the second quarter. BNP Paribas Financial Markets now owns 1,548 shares of the bank's stock valued at $39,000 after purchasing an additional 415 shares during the period. PNC Financial Services Group Inc. grew its stake in First Bancorp, Inc (ME) by 27.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,004 shares of the bank's stock worth $53,000 after purchasing an additional 435 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in First Bancorp, Inc (ME) by 540.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,528 shares of the bank's stock worth $64,000 after purchasing an additional 2,133 shares during the period. Finally, CWM LLC raised its position in First Bancorp, Inc (ME) by 79.9% during the 4th quarter. CWM LLC now owns 3,073 shares of the bank's stock valued at $81,000 after purchasing an additional 1,365 shares in the last quarter. Hedge funds and other institutional investors own 40.41% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed 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.com, the stock 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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