The Manufacturers Life Insurance Company Purchases New Holdings in First Bancorp, Inc (ME) $FNLC

The Manufacturers Life Insurance Company acquired a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 375,643 shares of the bank’s stock, valued at approximately $13,080,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FNLC. BlackRock Inc. purchased a new position in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at approximately $379,456,000. Deutsche Bank AG acquired a new stake in First Bancorp, Inc (ME) in the second quarter valued at $52,704,000. Bank of New York Mellon Corp bought a new position in First Bancorp, Inc (ME) during the 2nd quarter valued at $15,565,000. Orchard Capital Management LLC acquired a new position in First Bancorp, Inc (ME) during the 2nd quarter worth $7,329,000. Finally, Focus Partners Wealth bought a new stake in shares of First Bancorp, Inc (ME) in the 1st quarter worth about $1,500,000. 40.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

Insiders Place Their Bets

In other First Bancorp, Inc (ME) news, EVP Sarah Tolman sold 5,200 shares of the firm’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 transaction, the executive vice president owned 2,191 shares of the company’s stock, valued at $77,167.02. This trade represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.11% of the stock is currently owned by company insiders.

First Bancorp, Inc (ME) Stock Performance

First Bancorp, Inc (ME) stock opened at $34.76 on Friday. The company has a market cap of $392.09 million, a PE ratio of 10.31 and a beta of 0.50. The company has a fifty day moving average price of $34.73 and a two-hundred day moving average price of $30.82. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. First Bancorp, Inc has a 12 month low of $24.08 and a 12 month high of $36.30.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share for the quarter. The company had revenue of $25.82 million for 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) 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 dividend on an annualized basis and a dividend yield of 4.4%. This is a boost from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. First Bancorp, Inc (ME)’s payout ratio is currently 45.10%.

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.