Hennessy Advisors Inc. Sells 65,000 Shares of First Bancorp (NYSE:FBP)

Hennessy Advisors Inc. lessened its holdings in First Bancorp (NYSE:FBP) by 11.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 525,000 shares of the bank’s stock after selling 65,000 shares during the quarter. Hennessy Advisors Inc. owned 0.24% of First Bancorp worth $5,560,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. BlackRock Inc. increased its holdings in First Bancorp by 1.2% in the 2nd quarter. BlackRock Inc. now owns 31,708,675 shares of the bank’s stock valued at $350,063,000 after buying an additional 377,338 shares during the period. Millennium Management LLC increased its holdings in First Bancorp by 34,175.3% in the 3rd quarter. Millennium Management LLC now owns 4,394,091 shares of the bank’s stock valued at $43,853,000 after buying an additional 4,381,271 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of First Bancorp by 40.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,289,176 shares of the bank’s stock valued at $32,826,000 after purchasing an additional 951,270 shares in the last quarter. Northern Trust Corp boosted its stake in shares of First Bancorp by 17.4% in the 2nd quarter. Northern Trust Corp now owns 3,101,627 shares of the bank’s stock valued at $34,242,000 after purchasing an additional 459,766 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of First Bancorp by 6.8% in the 2nd quarter. Invesco Ltd. now owns 2,864,994 shares of the bank’s stock valued at $31,629,000 after purchasing an additional 183,432 shares in the last quarter. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:FBP opened at $10.17 on Wednesday. First Bancorp has a 52 week low of $8.82 and a 52 week high of $11.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.04 and a current ratio of 1.05. The company’s fifty day moving average is $10.53 and its 200-day moving average is $10.33. The company has a market capitalization of $2.21 billion, a PE ratio of 16.40, a P/E/G ratio of 0.62 and a beta of 1.56.

First Bancorp (NYSE:FBP) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. First Bancorp had a net margin of 30.46% and a return on equity of 7.93%. The company had revenue of $165.83 million for the quarter, compared to the consensus estimate of $171.90 million. During the same quarter in the previous year, the company earned $0.16 EPS. On average, analysts forecast that First Bancorp will post 0.75 EPS for the current year.

Several equities research analysts have recently commented on FBP shares. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 24th. Citigroup downgraded shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Thursday, January 9th.

About First Bancorp

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

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