First Bancorp Inc said on September 28, 2023 that its board of directors declared a regular quarterly dividend of $0.35 per share ($1.40 annualized). Previously, the company paid $0.35 per share.
Shares must be purchased before the ex-div date of October 6, 2023 to qualify for the dividend. Shareholders of record as of October 10, 2023 will receive the payment on October 20, 2023.
At the current share price of $23.50 / share, the stock's dividend yield is 5.96%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.72%, the lowest has been 3.83%, and the highest has been 6.59%. The standard deviation of yields is 0.62 (n=235).
The current dividend yield is 2.00 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.45. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
- Read the Ultimate Guide to Dividend Harvesting.
The company's 3-Year dividend growth rate is 0.13%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 189 funds or institutions reporting positions in First Bancorp Inc. This is a decrease of 3 owner(s) or 1.56% in the last quarter. Average portfolio weight of all funds dedicated to FNLC is 0.06%, a decrease of 8.26%. Total shares owned by institutions increased in the last three months by 1.74% to 5,178K shares. 
The put/call ratio of FNLC is 0.50, indicating a bullish outlook.
What are Other Shareholders Doing?
First Bancorp holds 736K shares representing 6.64% ownership of the company. In it's prior filing, the firm reported owning 736K shares, representing a decrease of 0.02%. The firm decreased its portfolio allocation in FNLC by 9.20% over the last quarter.
Manufacturers Life Insurance Company, The holds 412K shares representing 3.72% ownership of the company. In it's prior filing, the firm reported owning 414K shares, representing a decrease of 0.26%. The firm decreased its portfolio allocation in FNLC by 7.38% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 312K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 312K shares, representing a decrease of 0.03%. The firm decreased its portfolio allocation in FNLC by 13.29% over the last quarter.
IWM - iShares Russell 2000 ETF holds 248K shares representing 2.24% ownership of the company. In it's prior filing, the firm reported owning 231K shares, representing an increase of 7.11%. The firm decreased its portfolio allocation in FNLC by 6.70% over the last quarter.
John Hancock Financial Opportunities Fund holds 246K shares representing 2.22% ownership of the company. No change in the last quarter.
First Bancorp Inc Background Information
(This description is provided by the company.)
The First Bancorp (formerly First National Lincoln Corporation), is a $2.4 billion bank holding company based in Damariscotta, Maine. The company’s subsidiary, First National Bank (formerly The First, N.A.), was established in 1864 and now has 17 branches located along Maine’s coast from Wiscasset to Calais and one inland branch in Bangor. With a strong coastal presence, the Bank is well positioned to take advantage of the mix of both new and traditional industries and the growth generally seen in Maine’s coastal counties.
Additional reading:
- The First Bancorp Declares Third Quarter Dividend
- The First Bancorp Consolidated Balance Sheets (Unaudited) In thousands of dollars, except per share data June 30, 2023 December 31, 2022 June 30, 2022 Assets Cash and due from banks $ 25,077 $ 22,728 $ 23,453 Interest-bearing deposits in other banks
- The First Bancorp Declares Second Quarter Dividend
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
