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

Shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.80 and traded as high as $29.45. First Bancorp, Inc (ME) shares last traded at $28.75, with a volume of 58,198 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded First Bancorp, Inc (ME) from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy”.

First Bancorp, Inc (ME) Price Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50-day simple moving average of $28.24 and a 200-day simple moving average of $26.83. The company has a market cap of $329.76 million, a price-to-earnings ratio of 9.53 and a beta of 0.52.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last released its earnings results on Wednesday, January 21st. The bank reported $0.91 earnings per share (EPS) for the quarter. First Bancorp, Inc (ME) had a return on equity of 12.70% and a net margin of 19.36%.The company had revenue of $21.81 million for the quarter.

First Bancorp, Inc (ME) Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Tuesday, April 7th will be given a dividend of $0.37 per share. The ex-dividend date is Tuesday, April 7th. This represents a $1.48 annualized dividend and a yield of 5.1%. First Bancorp, Inc (ME)’s payout ratio is presently 48.21%.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. increased its position in First Bancorp, Inc (ME) by 2,655.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 937 shares of the bank’s stock worth $25,000 after purchasing an additional 903 shares during the period. BNP Paribas Financial Markets increased its position in First Bancorp, Inc (ME) by 36.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,548 shares of the bank’s stock worth $39,000 after purchasing an additional 415 shares during the period. CWM LLC increased its position in First Bancorp, Inc (ME) by 226.6% during the 3rd quarter. CWM LLC now owns 1,708 shares of the bank’s stock worth $45,000 after purchasing an additional 1,185 shares during the period. PNC Financial Services Group Inc. increased its position in First Bancorp, Inc (ME) by 27.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,004 shares of the bank’s stock worth $53,000 after purchasing an additional 435 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of 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 period. Institutional investors and hedge funds own 40.41% 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.