The Manufacturers Life Insurance Company Lowers Stake in The First Bancorp, Inc. (NASDAQ:FNLC)

The Manufacturers Life Insurance Company reduced its stake in shares of The First Bancorp, Inc. (NASDAQ:FNLC) by 0.7% in the third quarter, HoldingsChannel.com reports. The fund owned 389,540 shares of the bank’s stock after selling 2,622 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in First Bancorp were worth $10,253,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. WASHINGTON TRUST Co bought a new stake in First Bancorp in the second quarter worth $25,000. Rise Advisors LLC purchased a new position in shares of First Bancorp in the third quarter worth about $37,000. SG Americas Securities LLC bought a new stake in shares of First Bancorp in the 3rd quarter valued at about $104,000. Means Investment CO. Inc. purchased a new stake in First Bancorp during the 3rd quarter valued at about $226,000. Finally, Rhumbline Advisers grew its position in First Bancorp by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 16,029 shares of the bank’s stock worth $398,000 after acquiring an additional 1,142 shares during the last quarter. 40.41% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Price Performance

Shares of First Bancorp stock opened at $28.49 on Wednesday. The stock has a market capitalization of $317.66 million, a P/E ratio of 12.02 and a beta of 0.58. The First Bancorp, Inc. has a one year low of $21.77 and a one year high of $31.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day simple moving average is $27.31 and its two-hundred day simple moving average is $26.03.

First Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Tuesday, October 8th were issued a dividend of $0.36 per share. The ex-dividend date was Tuesday, October 8th. This represents a $1.44 dividend on an annualized basis and a yield of 5.05%. First Bancorp’s dividend payout ratio is currently 60.76%.

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.