The First Bancorp, Inc. (NASDAQ:FNLC) to Issue $0.34 Quarterly Dividend

The First Bancorp, Inc. (NASDAQ:FNLCGet Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Investors of record on Wednesday, October 5th will be given a dividend of 0.34 per share by the bank on Friday, October 21st. This represents a $1.36 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Tuesday, October 4th.

First Bancorp has increased its dividend payment by an average of 4.6% per year over the last three years and has increased its dividend every year for the last 3 years.

First Bancorp Stock Up 0.6 %

NASDAQ FNLC traded up $0.17 on Friday, reaching $28.38. The stock had a trading volume of 11,082 shares, compared to its average volume of 11,446. The firm has a market capitalization of $313.03 million, a price-to-earnings ratio of 8.16 and a beta of 0.51. First Bancorp has a 12-month low of $27.52 and a 12-month high of $36.80. The stock has a fifty day moving average price of $29.74 and a two-hundred day moving average price of $29.57.

First Bancorp (NASDAQ:FNLCGet Rating) last announced its earnings results on Wednesday, July 20th. The bank reported $0.91 earnings per share (EPS) for the quarter. The company had revenue of $22.78 million for the quarter. First Bancorp had a return on equity of 16.18% and a net margin of 38.63%.

Analysts Set New Price Targets

Separately, StockNews.com raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday.

Institutional Trading of First Bancorp

A number of large investors have recently modified their holdings of the stock. Captrust Financial Advisors increased its position in shares of First Bancorp by 467.6% during the second quarter. Captrust Financial Advisors now owns 1,175 shares of the bank’s stock worth $35,000 after acquiring an additional 968 shares during the period. Goldman Sachs Group Inc. increased its position in shares of First Bancorp by 117.6% during the second quarter. Goldman Sachs Group Inc. now owns 46,377 shares of the bank’s stock worth $1,397,000 after acquiring an additional 25,062 shares during the period. FMR LLC increased its position in shares of First Bancorp by 57.4% during the second quarter. FMR LLC now owns 137,091 shares of the bank’s stock worth $4,131,000 after acquiring an additional 49,984 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of First Bancorp by 49.6% during the second quarter. BNP Paribas Arbitrage SA now owns 2,595 shares of the bank’s stock worth $78,000 after acquiring an additional 860 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of First Bancorp by 1.5% during the first quarter. The Manufacturers Life Insurance Company now owns 430,391 shares of the bank’s stock worth $12,946,000 after acquiring an additional 6,227 shares during the period. Hedge funds and other institutional investors own 38.89% of the company’s stock.

First Bancorp Company Profile

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The First Bancorp, Inc operates as the holding company for First National Bank that provides a range of banking products and services to individuals and businesses. It offers various deposit products, including demand, NOW, savings, money market, and certificates of deposit accounts. The company also provides commercial real estate loan products, such as mortgage loans to finance investments in real property comprising multi-family residential, commercial/retail, office, industrial, hotel, educational, and other specific or mixed use properties; commercial construction loans to finance construction of owner- and non-owner occupied commercial real estate properties; and other commercial loans, which include revolving and term loan obligations to business and corporate enterprises for the purpose of financing working capital or capital investment.

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Dividend History for First Bancorp (NASDAQ:FNLC)

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