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

First Bancorp, Inc (ME) (NASDAQ:FNLC) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $32.32 and traded as high as $34.38. First Bancorp, Inc (ME) shares last traded at $33.80, with a volume of 41,217 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research report on Monday, September 14th. One research analyst has rated the stock with a Buy rating. According to MarketBeat, the stock presently has a consensus rating of “Buy”.

First Bancorp, Inc (ME) Price Performance

The firm’s 50 day simple moving average is $34.54 and its two-hundred day simple moving average is $32.34. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $387.69 million, a P/E ratio of 10.20 and a beta of 0.49.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.85 earnings per share (EPS) for the quarter. The firm had revenue of $25.82 million for the quarter. First Bancorp, Inc (ME) had a return on equity of 13.30% and a net margin of 21.43%.

First Bancorp, Inc (ME) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Tuesday, October 6th were issued a dividend of $0.38 per share. The ex-dividend date was Tuesday, October 6th. This represents a $1.52 annualized dividend and a yield of 4.4%. First Bancorp, Inc (ME)’s dividend payout ratio is currently 45.10%.

Insiders Place Their Bets

In related news, EVP Sarah Tolman sold 5,200 shares of the firm’s 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 transaction, the executive vice president directly owned 2,191 shares in the company, valued at $77,167.02. This trade represents a 70.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.11% of the stock is owned by corporate insiders.

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

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of First Bancorp, Inc (ME) during the second quarter valued at approximately $31,548,000. The Manufacturers Life Insurance Company purchased a new position in shares of First Bancorp, Inc (ME) in the second quarter worth $13,080,000. Bank of New York Mellon Corp purchased a new position in shares of First Bancorp, Inc (ME) in the second quarter worth $1,719,000. Quantinno Capital Management LP increased its stake in shares of First Bancorp, Inc (ME) by 37.8% in the first quarter. Quantinno Capital Management LP now owns 55,599 shares of the bank’s stock worth $1,558,000 after buying an additional 15,263 shares during the period. Finally, Rhino Investment Partners Inc bought a new stake in First Bancorp, Inc (ME) during the 1st quarter valued at $1,362,000. 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 banking and financial services to individuals, families, businesses and municipalities throughout Maine.

First National Bank offers deposit products, residential and commercial real estate lending, consumer loans, business financing and other commercial banking services. The bank also provides wealth management and investment-related services through its trust and investment operations.

First National Bank traces its history to 1852 and operates a community banking network serving customers primarily in central and coastal Maine.