Recent financial disclosures reveal significant shifts in institutional ownership of First Bancorp, Inc. (FNLC) stock, with major players adjusting their positions based on market dynamics and strategic outlooks.
According to its latest 13F filing with the Securities & Exchange Commission, Bank of New York Mellon Corp. notably decreased its stake in First Bancorp, Inc. by 4.7% during the first quarter. This divestment involved selling 1,726 shares, bringing their total ownership down to 34,895 shares, valued at $863,000 at the time of the filing, signaling a cautious stance from one of the financial industry’s titans.
Conversely, several other prominent institutional investors demonstrated increased confidence in First Bancorp (FNLC) during the same period. Naples Global Advisors LLC, for instance, bolstered its holdings by 2.8%, acquiring an additional 485 shares to reach a total of 17,817 shares, now valued at $440,000. Similarly, Bar Harbor Wealth Management expanded its position by 4.7%, adding 488 shares, resulting in a new total of 10,970 shares worth $271,000.
Further reinforcing this trend of diversified institutional activity, Wells Fargo & Company MN significantly raised its holdings by 22.0% in the fourth quarter, adding 1,369 shares to own 7,604 shares valued at $208,000. Dimensional Fund Advisors LP also incrementally lifted its position by 0.3%, increasing its substantial ownership to 473,481 shares, with a market value exceeding $12.9 million. Barclays PLC rounded out these increases by boosting its stake by 9.3% in the fourth quarter, acquiring 2,144 additional shares, bringing their total to 25,279 shares valued at $692,000.
Collectively, hedge funds and other institutional investors now command a substantial 40.41% of First Bancorp’s stock, highlighting the significant influence of large-scale investment strategies on its market trajectory. The company’s shares opened at $24.78 on Friday, maintaining a relatively stable trajectory with a 50-day simple moving average of $25.16 and a 200-day simple moving average of $25.00, indicating consistent underlying performance despite varied institutional activities.
Analyzing First Bancorp’s financial health reveals a debt-to-equity ratio of 0.27, alongside quick and current ratios both at 0.85, suggesting a robust balance sheet. The stock has experienced a 52-week low of $22.11 and a high of $31.05, demonstrating its volatility within a defined range. With a market capitalization of $277.54 million and a compelling price-to-earnings ratio of 9.25, coupled with a beta of 0.56, First Bancorp presents a unique profile within the financial sector, indicating lower sensitivity to broader market fluctuations.
In a noteworthy development for income-focused investors, First Bancorp, Inc. recently declared a quarterly dividend of $0.37 per share, paid on Friday, July 18th, to investors of record on July 8th. This translates to an annualized dividend of $1.48 and a yield of 6.0%, marking an increase from the previous quarterly dividend of $0.36. The company’s dividend payout ratio (DPR) stands at 55.22%, indicating a sustainable approach to returning value to shareholders.
As the holding company for First National Bank, First Bancorp, Inc. plays a vital role in providing a comprehensive suite of banking products and services to both individuals and businesses. Its offerings span various deposit products, including demand, NOW, time, savings, money market, and certificates of deposit accounts. The company also specializes in commercial loans, encompassing commercial real estate owner-occupied and non-owner-occupied loans, commercial construction financing, and commercial and industrial loans tailored for working capital and capital investment, solidifying its position as a diverse financial services provider.
