Orchard Capital Management LLC Takes $7.33 Million Position in First Bancorp, Inc (ME) $FNLC

Orchard Capital Management LLC purchased a new stake in shares of First Bancorp, Inc (ME) (NASDAQ:FNLC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 116,995 shares of the bank’s stock, valued at approximately $7,329,000. First Bancorp, Inc (ME) comprises about 7.1% of Orchard Capital Management LLC’s investment portfolio, making the stock its biggest position. Orchard Capital Management LLC owned 1.04% of First Bancorp, Inc (ME) as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in First Bancorp, Inc (ME) in the second quarter valued at approximately $379,456,000. Deutsche Bank AG bought a new stake in shares of First Bancorp, Inc (ME) during the second quarter worth $52,704,000. Bank of New York Mellon Corp acquired a new position in shares of First Bancorp, Inc (ME) during the second quarter worth $15,565,000. Focus Partners Wealth acquired a new position in shares of First Bancorp, Inc (ME) during the first quarter worth $1,500,000. Finally, Rhino Investment Partners Inc acquired a new position in shares of First Bancorp, Inc (ME) during the first quarter worth $1,362,000. 40.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp, Inc (ME) in a report on Thursday, June 18th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

First Bancorp, Inc (ME) Stock Performance

First Bancorp, Inc (ME) stock opened at $34.74 on Friday. The business has a 50 day moving average of $34.29 and a 200-day moving average of $30.62. The company has a market capitalization of $391.87 million, a P/E ratio of 10.31 and a beta of 0.50. First Bancorp, Inc has a 1 year low of $24.08 and a 1 year high of $36.30. 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 (ME) (NASDAQ:FNLC) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.85 EPS for the quarter. First Bancorp, Inc (ME) had a net margin of 21.43% and a return on equity of 13.30%. The business had revenue of $25.82 million for the quarter.

First Bancorp, Inc (ME) Increases Dividend

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

Insider Activity at First Bancorp, Inc (ME)

In other news, EVP Sarah Tolman sold 5,200 shares of First Bancorp, Inc (ME) stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $35.22, for a total transaction of $183,144.00. Following the transaction, the executive vice president owned 2,191 shares in the company, valued at approximately $77,167.02. The trade was a 70.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.11% of the company’s stock.

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.