Jupiter Topco LLC Takes $70.69 Million Position in First Bancorp, Inc (ME) $FNLC

Key Points

• Jupiter Topco LLC acquired 1,128,509 shares of First Bancorp, valued at approximately $70.69 million, giving it a 10% stake. Other major institutions also initiated positions, bringing total institutional ownership to 40.41%.
• First Bancorp reported quarterly EPS of $0.85 on $25.82 million in revenue, with a 13.30% return on equity and 21.43% net margin.
• The bank increased its quarterly dividend to $0.38 per share, or $1.52 annually, representing a 4.4% yield and a 45.10% payout ratio. The stock carries an overall “Buy” rating from analysts.

Jupiter Topco LLC bought a new position in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,128,509 shares of the bank's stock, valued at approximately $70,690,000. Jupiter Topco LLC owned about 10.00% of First Bancorp, Inc (ME) at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FNLC. BlackRock Inc. purchased a new position in shares of First Bancorp, Inc (ME) during the 2nd quarter valued at about $379,456,000. Deutsche Bank AG purchased a new stake in shares of First Bancorp, Inc (ME) in the second quarter worth about $52,704,000. The Manufacturers Life Insurance Company purchased a new stake in shares of First Bancorp, Inc (ME) in the second quarter worth about $13,080,000. Bank of New York Mellon Corp acquired a new stake in First Bancorp, Inc (ME) during the second quarter worth about $15,565,000. Finally, Orchard Capital Management LLC purchased a new stake in First Bancorp, Inc (ME) in the 2nd quarter worth approximately $7,329,000. Hedge funds and other institutional investors own 40.41% of the company's stock.

First Bancorp, Inc (ME) Price Performance

NASDAQ:FNLC opened at $34.53 on Friday. The stock has a 50 day moving average of $34.64 and a two-hundred day moving average of $30.79. First Bancorp, Inc has a 12 month low of $24.08 and a 12 month 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. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

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

First Bancorp, Inc (ME) Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, July 7th were issued a dividend of $0.38 per share. The ex-dividend date was Tuesday, July 7th. This represents a $1.52 annualized dividend and a dividend yield of 4.4%. This is an increase from First Bancorp, Inc (ME)'s previous quarterly dividend of $0.37. First Bancorp, Inc (ME)'s payout ratio is presently 45.10%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp, Inc (ME) in a research note on Thursday, June 18th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, First Bancorp, Inc (ME) currently has an average rating of "Buy".

Insider Activity

In related news, EVP Sarah Tolman sold 5,200 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $35.22, for a total value of $183,144.00. Following the completion of the sale, the executive vice president owned 2,191 shares of the company's stock, valued at approximately $77,167.02. This trade represents a 70.36% decrease in their ownership of the stock. The transaction 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.

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