Short Interest in First Bancorp, Inc (ME) (NASDAQ:FNLC) Grows By 38.8%

Key Points

• Short interest jumped 38.8% — As of March 13 short interest in FNLC totaled 81,752 shares, up from 58,906 on Feb 26, equal to about 0.8% of shares and a short-interest ratio of 4.4 days.
• Institutional buying increased — Institutional investors now own roughly 40.41% of the stock, with multiple funds (including Russell Investments, BNP Paribas, CWM, PNC and Tower Research) recently boosting their stakes.
• High-yield dividend announced — The company declared a $0.37 quarterly dividend (annualized $1.48) implying a ~5.3% yield, with an ex-dividend date of April 7 and payment on April 17.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 81,752 shares, an increase of 38.8% from the February 26th total of 58,906 shares. Based on an average trading volume of 18,664 shares, the short-interest ratio is currently 4.4 days. Approximately 0.8% of the shares of the stock are sold short.

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

A number of institutional investors have recently modified their holdings of FNLC. Russell Investments Group Ltd. lifted its position in shares of First Bancorp, Inc (ME) by 2,655.9% during 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 last quarter. BNP Paribas Financial Markets grew its position in 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 acquiring an additional 415 shares during the last quarter. CWM LLC raised its stake in First Bancorp, Inc (ME) by 226.6% during the third quarter. CWM LLC now owns 1,708 shares of the bank's stock worth $45,000 after acquiring an additional 1,185 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in 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. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of 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 worth $64,000 after acquiring an additional 2,133 shares during the last quarter. Institutional investors and hedge funds own 40.41% of the company's stock.

First Bancorp, Inc (ME) Price Performance

Shares of NASDAQ:FNLC traded down $0.32 during midday trading on Friday, hitting $27.72. The stock had a trading volume of 10,689 shares, compared to its average volume of 21,302. The company's 50-day moving average price is $28.00 and its 200-day moving average price is $26.74. The company has a market capitalization of $312.40 million, a P/E ratio of 9.03 and a beta of 0.58. 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 has a fifty-two week low of $22.11 and a fifty-two week high of $30.33.

First Bancorp, Inc (ME) (NASDAQ:FNLC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.91 earnings per share (EPS) for the quarter. The business had revenue of $21.81 million for the quarter. First Bancorp, Inc (ME) had a net margin of 19.36% and a return on equity of 12.70%.

First Bancorp, Inc (ME) Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Tuesday, April 7th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Tuesday, April 7th. First Bancorp, Inc (ME)'s dividend payout ratio (DPR) is currently 48.21%.

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 analyst has rated the stock with a Buy rating, According to MarketBeat, 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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