Jupiter Topco LLC Buys Shares of 1,128,509 First Bancorp, Inc (ME) $FNLC

Jupiter Topco LLC acquired a new position in First Bancorp, Inc (ME) (NASDAQ:FNLC) in the 2nd quarter, Holdings Channel reports. The firm acquired 1,128,509 shares of the bank’s stock, valued at approximately $70,690,000. Jupiter Topco LLC owned about 0.10% of First Bancorp, Inc (ME) at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FNLC. Russell Investments Group Ltd. raised its position in First Bancorp, Inc (ME) by 40.9% in the fourth quarter. Russell Investments Group Ltd. now owns 1,320 shares of the bank’s stock valued at $35,000 after purchasing an additional 383 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of First Bancorp, Inc (ME) by 36.6% in the second quarter. BNP Paribas Financial Markets now owns 1,548 shares of the bank’s stock valued at $39,000 after purchasing an additional 415 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of First Bancorp, Inc (ME) by 27.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,004 shares of the bank’s stock worth $53,000 after acquiring an additional 435 shares in the last quarter. Empowered Funds LLC grew its stake in First Bancorp, Inc (ME) by 7.0% during the 1st quarter. Empowered Funds LLC now owns 9,354 shares of the bank’s stock worth $262,000 after purchasing an additional 608 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of First Bancorp, Inc (ME) by 3.9% during the second quarter. Rhumbline Advisers now owns 16,666 shares of the bank’s stock worth $423,000 after buying an additional 632 shares during the period. Institutional investors and hedge funds own 40.41% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a research note on Thursday, June 18th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy”.

First Bancorp, Inc (ME) Trading Up 0.2%

Shares of FNLC stock opened at $34.53 on Friday. The firm’s 50-day simple moving average is $34.64 and its 200-day simple moving average is $30.79. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. First Bancorp, Inc has a 1-year low of $24.08 and a 1-year high of $36.30. The firm has a market cap of $389.50 million, a P/E ratio of 10.25 and a beta of 0.50.

First Bancorp, Inc (ME) (NASDAQ:FNLC) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.85 earnings per share for the quarter. The business had revenue of $25.82 million for the quarter. First Bancorp, Inc (ME) had a return on equity of 13.30% and a net margin of 21.43%.

First Bancorp, Inc (ME) Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Tuesday, July 7th were issued a $0.38 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $1.52 dividend on an annualized basis and a yield of 4.4%. This is a boost from First Bancorp, Inc (ME)’s previous quarterly dividend of $0.37. First Bancorp, Inc (ME)’s dividend payout ratio (DPR) is currently 45.10%.

Insider Transactions at First Bancorp, Inc (ME)

In other news, EVP Sarah Tolman sold 5,200 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $35.22, for a total value of $183,144.00. Following the completion of the transaction, the executive vice president directly owned 2,191 shares in the company, valued at approximately $77,167.02. This represents a 70.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.11% of the stock is owned by company insiders.

First Bancorp, Inc (ME) Profile

First Bancorp, Inc (NASDAQ: FNLC) is a Maine-based bank holding company headquartered in Dover-Foxcroft. Through its principal subsidiary, The First National Bank of Dover-Foxcroft, the company provides a full suite of community banking services to individuals, small businesses and nonprofit organizations. Its core deposit offerings include checking, savings, money market and certificate of deposit accounts, complemented by online and mobile banking platforms.

On the lending side, First Bancorp’s product portfolio spans consumer and residential mortgage loans as well as commercial and agricultural lending.