Quartz Partners LLC Buys Shares of 27,542 First Bancorp, Inc (ME) $FNLC

Quartz Partners LLC purchased a new position in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 27,542 shares of the bank’s stock, valued at approximately $1,725,000. Quartz Partners LLC owned approximately 0.24% of First Bancorp, Inc (ME) as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. acquired a new stake in First Bancorp, Inc (ME) in the second quarter valued at about $379,456,000. Deutsche Bank AG acquired a new position in First Bancorp, Inc (ME) during the second quarter worth about $52,704,000. Bank of New York Mellon Corp acquired a new position in First Bancorp, Inc (ME) during the second quarter worth about $15,565,000. Focus Partners Wealth bought a new position in shares of First Bancorp, Inc (ME) in the first quarter worth about $1,500,000. Finally, Rhino Investment Partners Inc bought a new position in shares of First Bancorp, Inc (ME) in the first quarter worth about $1,362,000. 40.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

First Bancorp, Inc (ME) Stock Down 3.0%

Shares of FNLC opened at $34.53 on Thursday. The stock’s 50-day moving average price is $34.12 and its two-hundred day moving average price is $30.54. First Bancorp, Inc has a 12 month low of $24.08 and a 12 month high of $36.30. The company has a market capitalization of $389.50 million, a PE ratio of 10.25 and a beta of 0.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last issued its quarterly earnings results 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) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were paid a dividend of $0.38 per share. This is an increase from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, July 7th. This represents a $1.52 dividend on an annualized basis and a yield of 4.4%. First Bancorp, Inc (ME)’s dividend payout ratio (DPR) is presently 45.10%.

Insider Buying and Selling

In related news, EVP Sarah Tolman sold 5,200 shares of the company’s stock in a transaction 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 approximately $77,167.02. This represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.11% of the company’s stock.

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.