Clover Partners L.P. lessened its holdings in First Bancorp (NYSE:FBP) by 68.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 275,000 shares of the bank’s stock after selling 607,705 shares during the quarter. First Bancorp makes up approximately 1.3% of Clover Partners L.P.’s holdings, making the stock its 22nd biggest holding. Clover Partners L.P. owned about 0.13% of First Bancorp worth $1,403,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of FBP. Point72 Asset Management L.P. boosted its stake in shares of First Bancorp by 194.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,630,900 shares of the bank’s stock valued at $28,830,000 after purchasing an additional 3,720,200 shares during the last quarter. Citadel Advisors LLC boosted its stake in shares of First Bancorp by 1,366.1% in the 4th quarter. Citadel Advisors LLC now owns 1,313,306 shares of the bank’s stock valued at $6,698,000 after purchasing an additional 1,223,728 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of First Bancorp by 63.4% in the 4th quarter. Two Sigma Investments LP now owns 2,315,195 shares of the bank’s stock valued at $11,807,000 after purchasing an additional 898,288 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of First Bancorp by 7.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock valued at $59,974,000 after purchasing an additional 860,841 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in shares of First Bancorp by 2.9% in the 4th quarter. BlackRock Inc. now owns 23,498,884 shares of the bank’s stock valued at $119,843,000 after purchasing an additional 654,894 shares during the last quarter. 92.49% of the stock is currently owned by institutional investors.
Several brokerages have recently issued reports on FBP. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. ValuEngine lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Piper Jaffray Companies reissued a “buy” rating and set a $8.00 price objective on shares of First Bancorp in a research note on Monday, January 29th. Finally, Citigroup reduced their price objective on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $6.80.
First Bancorp (NYSE:FBP) opened at $6.40 on Wednesday. First Bancorp has a one year low of $4.48 and a one year high of $6.49. The firm has a market cap of $1,392.83, a P/E ratio of 21.33, a P/E/G ratio of 0.55 and a beta of 1.88. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.99 and a current ratio of 1.00.
First Bancorp (NYSE:FBP) last released its quarterly earnings data on Monday, January 29th. The bank reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. The business had revenue of $137.22 million for the quarter, compared to analyst estimates of $137.80 million. During the same quarter last year, the firm earned $0.11 EPS. analysts forecast that First Bancorp will post 0.42 earnings per share for the current fiscal year.
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About First Bancorp
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
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