Commerce Bank Invests $597,000 in First Bancorp, Inc (ME) $FNLC

Commerce Bank bought a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 17,150 shares of the bank’s stock, valued at approximately $597,000.

Other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in First Bancorp, Inc (ME) by 4.5% during the first quarter. Goldman Sachs Group Inc. now owns 53,879 shares of the bank’s stock valued at $1,332,000 after purchasing an additional 2,306 shares during the period. Jane Street Group LLC purchased a new position in shares of First Bancorp, Inc (ME) in the 1st quarter worth approximately $398,000. Focus Partners Wealth bought a new position in shares of First Bancorp, Inc (ME) during the 1st quarter valued at approximately $1,500,000. Strs Ohio bought a new position in shares of First Bancorp, Inc (ME) during the 1st quarter valued at approximately $96,000. Finally, Geode Capital Management LLC raised its holdings in First Bancorp, Inc (ME) by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 240,885 shares of the bank’s stock valued at $6,122,000 after buying an additional 1,063 shares during the period. Institutional investors own 40.41% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy”.

Insider Buying and Selling

In other First Bancorp, Inc (ME) news, EVP Sarah Tolman sold 5,200 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total value of $183,144.00. Following the sale, the executive vice president owned 2,191 shares in the company, valued at $77,167.02. This trade represents a 70.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.11% of the stock is owned by company insiders.

First Bancorp, Inc (ME) Stock Up 0.2%

Shares of NASDAQ FNLC opened at $34.53 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $389.50 million, a P/E ratio of 10.25 and a beta of 0.50. First Bancorp, Inc has a 1 year low of $24.08 and a 1 year high of $36.30. The firm has a 50-day simple moving average of $34.64 and a two-hundred day simple moving average of $30.79.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share (EPS) for the quarter. First Bancorp, Inc (ME) had a return on equity of 13.30% and a net margin of 21.43%.The business had revenue of $25.82 million during the quarter.

First Bancorp, Inc (ME) Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were given a $0.38 dividend. This is a boost from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, July 7th. This represents a $1.52 annualized dividend and a yield of 4.4%. First Bancorp, Inc (ME)’s dividend payout ratio is currently 45.10%.

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.