Apollon Wealth Management LLC Cuts Stake in The First Bancorp, Inc. (NASDAQ:FNLC)

Apollon Wealth Management LLC reduced its position in The First Bancorp, Inc. (NASDAQ:FNLC) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,576 shares of the bank’s stock after selling 714 shares during the quarter. Apollon Wealth Management LLC owned 0.18% of First Bancorp worth $542,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kimelman & Baird LLC bought a new position in shares of First Bancorp during the second quarter valued at approximately $848,000. Foundry Partners LLC boosted its position in First Bancorp by 17.3% during the 2nd quarter. Foundry Partners LLC now owns 61,925 shares of the bank’s stock valued at $1,539,000 after acquiring an additional 9,140 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of First Bancorp in the 1st quarter valued at $214,000. Means Investment CO. Inc. bought a new position in shares of First Bancorp in the 3rd quarter worth $226,000. Finally, First Bancorp Inc ME lifted its stake 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. 40.41% of the stock is currently owned by institutional investors.

First Bancorp Price Performance

FNLC opened at $28.74 on Friday. The firm has a market capitalization of $320.51 million, a PE ratio of 12.13 and a beta of 0.56. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. The business’s 50-day moving average is $26.78 and its two-hundred day moving average is $25.53. The First Bancorp, Inc. has a 1 year low of $21.77 and a 1 year high of $31.05.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Tuesday, October 8th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date was Tuesday, October 8th. First Bancorp’s payout ratio is currently 60.76%.

About First Bancorp

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.