Rhino Investment Partners Inc Purchases New Position in First Bancorp, Inc (ME) $FNLC

Rhino Investment Partners Inc acquired a new stake in First Bancorp, Inc (ME) (NASDAQ:FNLC) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 48,585 shares of the bank’s stock, valued at approximately $1,362,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its position in First Bancorp, Inc (ME) by 40.9% in the 4th quarter. Russell Investments Group Ltd. now owns 1,320 shares of the bank’s stock valued at $35,000 after buying an additional 383 shares during the last quarter. BNP Paribas Financial Markets raised 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 buying an additional 415 shares during the last quarter. PNC Financial Services Group Inc. raised 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 buying an additional 435 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of First Bancorp, Inc (ME) by 7.0% in the 1st quarter. Empowered Funds LLC now owns 9,354 shares of the bank’s stock worth $262,000 after acquiring an additional 608 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of First Bancorp, Inc (ME) by 3.9% during the second quarter. Rhumbline Advisers now owns 16,666 shares of the bank’s stock worth $423,000 after acquiring an additional 632 shares during the period. Institutional investors and hedge funds own 40.41% of the company’s stock.

First Bancorp, Inc (ME) Price Performance

Shares of NASDAQ:FNLC opened at $35.46 on Wednesday. The business’s 50 day simple moving average is $32.14 and its 200-day simple moving average is $29.59. The firm has a market capitalization of $399.99 million, a price-to-earnings ratio of 10.52 and a beta of 0.50. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. First Bancorp, Inc has a 12 month low of $24.08 and a 12 month high of $35.93.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.85 EPS for the quarter. The firm 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 13.43%.

First Bancorp, Inc (ME) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, July 7th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.3%. This is a positive change from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, July 7th. First Bancorp, Inc (ME)’s payout ratio is presently 45.10%.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, Director Kimberly Swan acquired 1,500 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was purchased at an average price of $28.69 per share, for a total transaction of $43,035.00. Following the transaction, the director owned 14,470 shares in the company, valued at $415,144.30. This trade represents a 11.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.11% of the stock is owned by corporate insiders.

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.