First Bancorp, Inc (ME) $FNLC Shares Sold by Kimelman & Baird LLC

Kimelman & Baird LLC reduced its stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) by 43.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the bank’s stock after selling 15,625 shares during the period. Kimelman & Baird LLC owned 0.18% of First Bancorp, Inc (ME) worth $667,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of First Bancorp, Inc (ME) in the second quarter valued at approximately $31,548,000. The Manufacturers Life Insurance Company purchased a new position in First Bancorp, Inc (ME) during the second quarter worth approximately $13,080,000. Quantinno Capital Management LP boosted its stake in First Bancorp, Inc (ME) by 37.8% during the first quarter. Quantinno Capital Management LP now owns 55,599 shares of the bank’s stock worth $1,558,000 after buying an additional 15,263 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in First Bancorp, Inc (ME) during the second quarter worth $1,719,000. Finally, Rhino Investment Partners Inc acquired a new position in First Bancorp, Inc (ME) during the first quarter worth $1,362,000. 40.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded First Bancorp, Inc (ME) from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, First Bancorp, Inc (ME) currently has an average rating of “Buy”.

First Bancorp, Inc (ME) Price Performance

First Bancorp, Inc (ME) stock opened at $36.41 on Friday. First Bancorp, Inc has a 12-month low of $24.63 and a 12-month high of $37.61. The stock has a market cap of $410.70 million, a P/E ratio of 10.37 and a beta of 0.48. The company has a 50-day moving average price of $34.84 and a 200 day moving average price of $31.62. 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 posted its earnings results on Wednesday, October 21st. The bank reported $0.95 earnings per share for the quarter. The company had revenue of $27.48 million for the quarter. First Bancorp, Inc (ME) had a net margin of 22.21% and a return on equity of 13.70%.

First Bancorp, Inc (ME) Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Tuesday, October 6th were issued a dividend of $0.38 per share. The ex-dividend date was Tuesday, October 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.2%. First Bancorp, Inc (ME)’s dividend payout ratio (DPR) is currently 43.30%.

About First Bancorp, Inc (ME)

First Bancorp, Inc is a bank holding company headquartered in Damariscotta, Maine. Its principal subsidiary, First National Bank, is a community bank that provides banking services to individuals, families, businesses and municipalities.

First National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business loans and lines of credit, cash-management services, online and mobile banking, and investment and wealth-management services. The bank serves communities primarily in coastal Maine and portions of New Hampshire through its branch network and digital banking channels.

First National Bank traces its roots to 1852, while First Bancorp was established as the bank’s holding company in 1988.