First Bancorp, Inc (ME) (NASDAQ:FNLC) Shares Pass Above 200 Day Moving Average – Here’s Why

First Bancorp, Inc (ME) (NASDAQ:FNLC)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 traded.

Analyst Upgrades and Downgrades

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

First Bancorp, Inc (ME) Trading Down 0.8%

The company’s fifty day moving average is $32.94 and its 200-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. The firm has a market capitalization of $399.20 million, a P/E ratio of 10.50 and a beta of 0.50.

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

First Bancorp, Inc (ME) Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Tuesday, July 7th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, July 7th. This represents a $1.52 annualized dividend and a dividend yield of 4.3%. This is a boost from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. First Bancorp, Inc (ME)’s payout ratio is presently 45.10%.

Insiders Place Their Bets

In related news, EVP Sarah Tolman sold 5,200 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total transaction of $183,144.00. Following the completion of the sale, the executive vice president owned 2,191 shares in the company, valued at $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 is available through this link. 5.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FNLC. Russell Investments Group Ltd. lifted 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 buying an additional 903 shares during the last quarter. BNP Paribas Financial Markets grew its stake 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 worth $39,000 after acquiring an additional 415 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of 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 acquiring an additional 435 shares during the last quarter. Tower Research Capital LLC TRC increased its position in First Bancorp, Inc (ME) by 540.0% during 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 period. Finally, CWM LLC increased its position in First Bancorp, Inc (ME) by 79.9% during the fourth quarter. CWM LLC now owns 3,073 shares of the bank’s stock worth $81,000 after acquiring an additional 1,365 shares during the period. 40.41% of the stock is owned by institutional investors.

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.