Rhumbline Advisers boosted its holdings in First Bancorp (NYSE:FBP) by 9.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 520,446 shares of the bank’s stock after buying an additional 46,208 shares during the period. Rhumbline Advisers owned approximately 0.24% of First Bancorp worth $4,736,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of First Bancorp by 32.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,784,521 shares of the bank’s stock valued at $61,740,000 after purchasing an additional 1,657,713 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in shares of First Bancorp during the 3rd quarter valued at $1,308,000. Meeder Asset Management Inc. grew its position in shares of First Bancorp by 41.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 65,243 shares of the bank’s stock valued at $593,000 after purchasing an additional 19,266 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of First Bancorp by 16.8% during 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 in the last quarter. Finally, Comerica Bank grew its position in shares of First Bancorp by 9.0% during 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 in the last quarter. Institutional investors and hedge funds own 89.34% of the company’s stock.
FBP opened at $8.71 on Friday. The firm has a market cap of $1.88 billion, a PE ratio of 15.18, a PEG ratio of 0.41 and a beta of 1.69. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. First Bancorp has a one year low of $4.84 and a one year high of $9.68.
First Bancorp (NYSE:FBP) last posted its quarterly earnings data on Thursday, October 25th. The bank reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. First Bancorp had a net margin of 17.75% and a return on equity of 6.69%. The company had revenue of $151.04 million during the quarter, compared to the consensus estimate of $161.70 million. Sell-side analysts forecast that First Bancorp will post 0.62 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Thursday, November 29th. First Bancorp’s dividend payout ratio is currently 24.00%.
A number of research firms have recently commented on FBP. ValuEngine lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Bank of America upgraded shares of First Bancorp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $9.00 to $12.00 in a research report on Thursday, September 20th. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 31st. Finally, TheStreet upgraded shares of First Bancorp from a “c+” rating to a “b” rating in a research report on Friday, October 26th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. First Bancorp has an average rating of “Buy” and a consensus target price of $9.63.
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About First Bancorp
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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