First Bancorp (FBP) Stake Boosted by Meeder Asset Management Inc.

Meeder Asset Management Inc. lifted its stake in shares of First Bancorp (NYSE:FBP) by 41.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 65,243 shares of the bank’s stock after purchasing an additional 19,266 shares during the quarter. Meeder Asset Management Inc.’s holdings in First Bancorp were worth $593,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Riverhead Capital Management LLC acquired a new stake in First Bancorp in the 2nd quarter valued at about $100,000. Flinton Capital Management LLC acquired a new stake in First Bancorp in the 2nd quarter valued at about $112,000. First Citizens Bank & Trust Co. acquired a new stake in First Bancorp in the 2nd quarter valued at about $134,000. Neuburgh Advisers LLC acquired a new stake in First Bancorp in the 2nd quarter valued at about $136,000. Finally, Prospera Financial Services Inc acquired a new stake in First Bancorp in the 2nd quarter valued at about $145,000. 88.45% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently commented on FBP. Merion Capital Group raised shares of First Bancorp from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $8.00 to $9.50 in a research note on Thursday, July 26th. Sandler O’Neill reissued a “buy” rating and issued a $10.00 price objective on shares of First Bancorp in a research note on Thursday, August 2nd. ValuEngine cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $9.25 price objective on the stock in a research note on Friday, July 27th. Finally, Bank of America raised shares of First Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $9.00 to $12.00 in a research note on Thursday, September 20th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $9.63.

Shares of NYSE FBP opened at $9.53 on Friday. The stock has a market capitalization of $2.06 billion, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 0.44 and a beta of 1.74. First Bancorp has a 52 week low of $4.48 and a 52 week high of $9.68. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.98 and a current ratio of 0.99.

First Bancorp (NYSE:FBP) last released its earnings results on Thursday, October 25th. The bank reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.01. The company had revenue of $151.04 million for the quarter, compared to analyst estimates of $161.70 million. First Bancorp had a net margin of 17.75% and a return on equity of 6.69%. As a group, equities research analysts expect that First Bancorp will post 0.62 earnings per share for the current year.

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First Bancorp Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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Institutional Ownership by Quarter for First Bancorp (NYSE:FBP)

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