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In a recent transaction, Susan A. Norton, the Executive Vice President and Chief Administrative Officer (EVP, CAO) of First Bancorp (NASDAQ:FBNC), Inc /ME/ (NASDAQ:FNLC), sold shares of the company's common stock. On July 26, Norton disposed of 500 shares at a price of $29.03 each, totaling approximately $14,515.
The stock sale was publicly disclosed in a filing with the Securities and Exchange Commission. Following the sale, Norton still holds 24,415 shares of First Bancorp's common stock directly. Additionally, indirect holdings through various plans were reported, including 766.2553 shares through an Employee Stock Purchase Plan, 8,360.460 shares through a 401(k) Plan, and 481.1617 shares by an adult child.
First Bancorp, headquartered in Damariscotta, Maine, operates in the national commercial banks sector. The company's shares are traded on the NASDAQ under the ticker symbol FNLC. This recent transaction by a high-ranking executive may be of interest to investors who closely monitor insider activities as potential indicators of a company's financial health and management's confidence in the firm's prospects.
The details of the transaction are made available to the public in compliance with SEC regulations, providing transparency into the trading activities of the company's executives.
InvestingPro Insights
As investors digest the news of the recent insider transaction at First Bancorp, Inc /ME/ (NASDAQ:FNLC), it's worthwhile to consider some key financial metrics and trends that could influence the company's stock performance. According to InvestingPro data, First Bancorp has a market capitalization of approximately $324.83 million, with a price-to-earnings (P/E) ratio of 12.23, reflecting its earnings relative to its share price. The company has experienced a revenue decline of 11.1% over the last twelve months as of Q2 2024, which may raise questions about its growth trajectory.
Despite this, First Bancorp has demonstrated a strong commitment to returning value to shareholders. An InvestingPro Tip highlights that the company has raised its dividend for 5 consecutive years and has maintained dividend payments for an impressive 26 consecutive years. This consistent dividend payment history is complemented by a robust dividend yield of 4.92% as of the latest data, which could be attractive to income-focused investors.
Moreover, the stock has shown remarkable performance in the short term, with a one-month price total return of 26.16% and a three-month price total return of 31.64%, as of the latest available data. This strong recent return, coupled with the fact that the stock is trading near its 52-week high, indicates a positive trend in investor sentiment. For those looking to delve deeper into First Bancorp's financials and gain additional insights, there are more InvestingPro Tips available, which can be accessed with a subscription. Interested readers can use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of expert analysis and tips.
Overall, while revenue challenges exist, First Bancorp's strong dividend history and recent stock performance provide a nuanced picture for investors considering the company's future prospects.
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