Rhumbline Advisers increased its position in shares of First Bancorp (NYSE:FBP) by 2.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 645,321 shares of the bank’s stock after buying an additional 13,906 shares during the period. Rhumbline Advisers owned about 0.30% of First Bancorp worth $7,395,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in First Bancorp by 127.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,052,922 shares of the bank’s stock worth $77,855,000 after purchasing an additional 5,073,482 shares in the last quarter. Norges Bank purchased a new stake in First Bancorp during the 4th quarter worth about $40,537,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in First Bancorp in the 4th quarter worth about $19,105,000. JPMorgan Chase & Co. boosted its stake in First Bancorp by 32.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,784,521 shares of the bank’s stock worth $61,740,000 after buying an additional 1,657,713 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in First Bancorp by 371.4% in the 4th quarter. Bank of America Corp DE now owns 1,816,415 shares of the bank’s stock worth $15,622,000 after buying an additional 1,431,115 shares during the last quarter. Hedge funds and other institutional investors own 89.29% of the company’s stock.
FBP has been the topic of several research analyst reports. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. ValuEngine lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $10.88.
FBP stock traded down $0.05 during midday trading on Friday, hitting $9.96. 670,583 shares of the company’s stock were exchanged, compared to its average volume of 1,557,680. First Bancorp has a 12-month low of $7.59 and a 12-month high of $11.94. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.18 billion, a PE ratio of 16.06, a P/E/G ratio of 0.97 and a beta of 1.57.
First Bancorp (NYSE:FBP) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). The firm had revenue of $162.72 million during the quarter, compared to the consensus estimate of $163.50 million. First Bancorp had a net margin of 28.97% and a return on equity of 7.43%. During the same quarter last year, the firm posted $0.15 earnings per share. As a group, sell-side analysts anticipate that First Bancorp will post 0.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, May 29th. This represents a $0.12 dividend on an annualized basis and a yield of 1.20%. First Bancorp’s payout ratio is currently 19.35%.
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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.
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