Two Sigma Investments LP cut its stake in shares of First Bancorp (NYSE:FBP) by 33.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,093,731 shares of the bank’s stock after selling 553,284 shares during the period. Two Sigma Investments LP owned 0.50% of First Bancorp worth $9,406,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also added to or reduced their stakes in FBP. Bank of New York Mellon Corp increased its stake in First Bancorp by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,578,079 shares of the bank’s stock worth $27,373,000 after acquiring an additional 70,341 shares during the period. Robeco Institutional Asset Management B.V. bought a new position in shares of First Bancorp in the 3rd quarter valued at $261,000. State Board of Administration of Florida Retirement System increased its stake in shares of First Bancorp by 96.5% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,513 shares of the bank’s stock valued at $205,000 after purchasing an additional 11,058 shares during the last quarter. Comerica Bank increased its stake in shares of First Bancorp by 9.0% in the 3rd quarter. Comerica Bank now owns 210,371 shares of the bank’s stock valued at $1,925,000 after purchasing an additional 17,323 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of First Bancorp by 16.8% in the 3rd quarter. Wells Fargo & Company MN now owns 124,585 shares of the bank’s stock valued at $1,134,000 after purchasing an additional 17,925 shares during the last quarter. 91.50% of the stock is owned by institutional investors.
Separately, Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $10.50.
First Bancorp (NYSE:FBP) last announced its earnings results on Tuesday, January 29th. The bank reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.04. The firm had revenue of $158.23 million for the quarter, compared to the consensus estimate of $158.30 million. First Bancorp had a return on equity of 7.36% and a net margin of 28.13%. During the same period in the previous year, the business earned $0.11 EPS. Equities research analysts predict that First Bancorp will post 0.76 EPS for the current fiscal year.
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First Bancorp Profile
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.
Further Reading: Intrinsic Value and Stock Selection
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