Kimelman & Baird LLC Purchases New Stake in First Bancorp, Inc (ME) $FNLC

Kimelman & Baird LLC purchased a new position in First Bancorp, Inc (ME) (NASDAQ:FNLC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 35,625 shares of the bank’s stock, valued at approximately $1,240,000. Kimelman & Baird LLC owned 0.32% of First Bancorp, Inc (ME) as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its stake in shares of First Bancorp, Inc (ME) by 2,655.9% in 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 in the last quarter. Legal & General Group Plc bought a new stake in First Bancorp, Inc (ME) during the 2nd quarter worth approximately $39,000. BNP Paribas Financial Markets raised its holdings in First Bancorp, Inc (ME) by 36.6% during 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 period. PNC Financial Services Group Inc. lifted its holdings 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 buying an additional 435 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in First Bancorp, Inc (ME) by 540.0% in the 2nd 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. Hedge funds and other institutional investors own 40.41% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated 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, According to data from MarketBeat, the company has a consensus rating of “Buy”.

Insider Activity

In other First Bancorp, Inc (ME) 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 transaction, the executive vice president owned 2,191 shares of the company’s stock, valued at $77,167.02. This represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.11% of the stock is owned by company insiders.

First Bancorp, Inc (ME) Stock Up 0.7%

NASDAQ:FNLC opened at $34.76 on Friday. The firm has a market cap of $392.09 million, a PE ratio of 10.31 and a beta of 0.50. The company has a 50-day moving average of $34.73 and a 200 day moving average 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 1-year low of $24.08 and a 1-year high of $36.30.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.85 EPS for the quarter. The business had revenue of $25.82 million during 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 declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Tuesday, July 7th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, July 7th. This is a positive change from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. First Bancorp, Inc (ME)’s payout ratio is currently 45.10%.

About First Bancorp, Inc (ME)

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.