Picton Mahoney Asset Management acquired a new position in shares of First Bancorp (NYSE:FBP) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 143,800 shares of the bank’s stock, valued at approximately $1,308,000. Picton Mahoney Asset Management owned 0.07% of First Bancorp at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of FBP. Riverhead Capital Management LLC bought a new position in shares of First Bancorp in the second quarter worth $100,000. Flinton Capital Management LLC bought a new position in shares of First Bancorp in the second quarter worth $112,000. First Citizens Bank & Trust Co. bought a new position in shares of First Bancorp in the second quarter worth $134,000. Neuburgh Advisers LLC bought a new position in shares of First Bancorp in the second quarter worth $136,000. Finally, Prospera Financial Services Inc bought a new position in shares of First Bancorp in the second quarter worth $145,000. Hedge funds and other institutional investors own 88.45% of the company’s stock.
FBP has been the topic of a number of recent analyst reports. TheStreet upgraded First Bancorp from a “c+” rating to a “b” rating in a research report on Friday, October 26th. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, September 28th. Zacks Investment Research cut First Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 31st. Bank of America upgraded First Bancorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $9.00 to $12.00 in a research report on Thursday, September 20th. Finally, Sandler O’Neill restated a “buy” rating and issued a $10.00 price target on shares of First Bancorp in a research report on Thursday, August 2nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $9.63.
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. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. First Bancorp has a twelve month low of $4.48 and a twelve month high of $9.68.
First Bancorp (NYSE:FBP) last released its quarterly earnings data on Thursday, October 25th. The bank reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. The business had revenue of $151.04 million for the quarter, compared to analyst estimates of $161.70 million. First Bancorp had a return on equity of 6.69% and a net margin of 17.75%. Equities analysts predict that First Bancorp will post 0.62 EPS for the current fiscal 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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