In a recent transaction, Kimberly Swan, a director at First Bancorp (NASDAQ:FBNC), Inc /ME/ (NASDAQ:FNLC), added to her stake in the company by purchasing shares valued at more than $28,000. The acquisition, which took place on April 18, 2024, saw Swan buy shares at prices ranging from $22.01 to $22.7499.
Investors following insider activity may note that Swan's purchase consisted of several transactions at different price points. The lowest price paid per share was $22.01, with the highest at $22.7499. The total investment made by the director for these shares amounted to approximately $28,444.
This move by Swan increases her direct holdings in First Bancorp, indicating a strong belief in the company's value and prospects. Following the transactions, Swan now directly owns 9,837.4185 shares of common stock in the company. Additionally, she has an indirect ownership through an Employee Stock Purchase Plan, which accounts for 3,561.1923 shares.
First Bancorp, headquartered in Damariscotta, Maine, operates as a national commercial bank and is recognized under the standard industrial classification code for national commercial banks. The company has a history dating back to its former name, First National Lincoln Corp /ME/, which was changed in 1992.
The purchase by a director often signals confidence in the company's future performance and is closely watched by investors seeking insights into insider perspectives. Swan's recent investment in First Bancorp shares could be interpreted as a positive sign for the company's outlook.
InvestingPro Insights
First Bancorp's recent insider trading activity comes at a time when the company shows a mix of financial strength and market challenges. Notably, the company boasts a strong dividend track record, with InvestingPro Tips highlighting that First Bancorp has not only raised its dividend for 5 consecutive years but has also maintained dividend payments for 26 consecutive years. This aligns with the recent insider purchase, suggesting a vote of confidence in the company's steady shareholder returns.
On the valuation front, First Bancorp is trading at a P/E ratio of 8.95 based on the last twelve months as of Q1 2024, per InvestingPro Data. This is coupled with a Price/Book ratio of 1.02, indicating that the company's stock is trading close to its book value. The dividend yield is notably high at 6.32%, which is significant for income-focused investors.
However, the company has experienced a revenue decline of 12.74% over the last twelve months as of Q1 2024, reflecting some operational headwinds. Despite this, First Bancorp remains profitable with an operating income margin of 45.56% in the same period. The company's stock is also trading near its 52-week low, as per another InvestingPro Tip, which could present a potential entry point for value investors.
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