Kimelman & Baird LLC Makes New Investment in The First Bancorp, Inc. (NASDAQ:FNLC)

Kimelman & Baird LLC acquired a new stake in The First Bancorp, Inc. (NASDAQ:FNLC) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 34,125 shares of the bank’s stock, valued at approximately $848,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FNLC. Foundry Partners LLC grew its holdings in shares of First Bancorp by 32.5% in the 1st quarter. Foundry Partners LLC now owns 52,785 shares of the bank’s stock valued at $1,301,000 after acquiring an additional 12,935 shares in the last quarter. Bright Financial Advisors Inc. acquired a new position in First Bancorp during the first quarter valued at approximately $241,000. Quadrature Capital Ltd bought a new position in First Bancorp in the first quarter valued at approximately $214,000. First Bancorp Inc ME increased its position in shares of First Bancorp by 0.8% during the 2nd quarter. First Bancorp Inc ME now owns 732,959 shares of the bank’s stock worth $18,214,000 after purchasing an additional 5,755 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of First Bancorp by 9.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,663 shares of the bank’s stock worth $1,234,000 after purchasing an additional 4,477 shares in the last quarter. 40.41% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Price Performance

NASDAQ:FNLC opened at $26.12 on Monday. The stock has a market capitalization of $290.87 million, a PE ratio of 10.53 and a beta of 0.56. The First Bancorp, Inc. has a 1-year low of $21.77 and a 1-year high of $29.75. The firm has a fifty day simple moving average of $26.41 and a 200 day simple moving average of $24.61. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.29.

First Bancorp (NASDAQ:FNLC) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $0.55 EPS for the quarter. The firm had revenue of $19.23 million during the quarter. First Bancorp had a net margin of 16.95% and a return on equity of 11.01%.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Tuesday, October 8th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend is Tuesday, October 8th. First Bancorp’s dividend payout ratio is presently 58.06%.

First Bancorp Profile

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, time, savings, money market, and certificates of deposit accounts. The company also provides commercial loans comprising commercial real estate owner occupied, such as mortgage loans to finance investments in real property such as retail space, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties; commercial real estate non-owner occupied loans; commercial construction to finance construction in a mix of owner- and nonowner occupied commercial real estate properties; and commercial and industrial loans, including revolving and term loan for financing working capital and/or capital investment.