First Bancorp, Inc (ME) (NASDAQ:FNLC) Share Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• FNLC shares crossed above their 200-day moving average, reaching $34.25 and last trading at $34.21, compared with a 200-day average of $31.91.
• Analyst sentiment remains positive: Weiss Ratings reaffirmed a “buy” rating, while MarketBeat reports an average “Buy” rating. The bank recently reported quarterly EPS of $0.85 on revenue of $25.82 million.
• First Bancorp declared a quarterly dividend of $0.38 per share, equivalent to $1.52 annually and a 4.4% yield; the payout ratio is 45.1%.

Shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $31.91 and traded as high as $34.25. First Bancorp, Inc (ME) shares last traded at $34.21, with a volume of 33,673 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a report on Monday, September 14th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, First Bancorp, Inc (ME) has an average rating of "Buy".

First Bancorp, Inc (ME) Stock Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $385.89 million, a PE ratio of 10.15 and a beta of 0.49. The company's 50-day moving average price is $34.88 and its two-hundred day moving average price is $31.91.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last announced its 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 net margin of 21.43% and a return on equity of 13.30%.

First Bancorp, Inc (ME) Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Tuesday, October 6th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $1.52 annualized dividend and a yield of 4.4%. First Bancorp, Inc (ME)'s payout ratio is 45.10%.

Insider Activity

In other news, EVP Sarah Tolman sold 5,200 shares of the 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 transaction, the executive vice president directly owned 2,191 shares in the company, valued at approximately $77,167.02. This represents a 70.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.11% of the company's stock.

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

A number of large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new stake in First Bancorp, Inc (ME) in the second quarter worth approximately $13,080,000. BlackRock Inc. purchased a new position in shares of First Bancorp, Inc (ME) during the second quarter worth approximately $31,548,000. Rhino Investment Partners Inc purchased a new position in shares of First Bancorp, Inc (ME) during the first quarter worth approximately $1,362,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of First Bancorp, Inc (ME) during the second quarter worth approximately $1,014,000. Finally, Kimelman & Baird LLC bought a new stake in shares of First Bancorp, Inc (ME) in the 2nd quarter worth approximately $1,240,000. 40.41% of the stock is owned by hedge funds and other institutional investors.

First Bancorp, Inc (ME) Company Profile

First Bancorp, Inc is a bank holding company headquartered in Damariscotta, Maine. Its principal subsidiary, First National Bank, provides community banking services to individuals, families, businesses and municipal organizations through its branch network and digital banking channels.

The bank's products and services include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, business loans and cash-management services.

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