Brown Advisory Inc. Invests $343,000 in First Bancorp (FBP)

Brown Advisory Inc. acquired a new stake in First Bancorp (NYSE:FBP) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 44,810 shares of the bank’s stock, valued at approximately $343,000.

Several other institutional investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of First Bancorp by 78.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,438 shares of the bank’s stock valued at $111,000 after purchasing an additional 8,078 shares during the last quarter. Xact Kapitalforvaltning AB raised its position in shares of First Bancorp by 55.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 32,931 shares of the bank’s stock valued at $198,000 after purchasing an additional 11,800 shares during the last quarter. Gamco Investors INC. ET AL raised its position in shares of First Bancorp by 42.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 50,000 shares of the bank’s stock valued at $301,000 after purchasing an additional 15,000 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of First Bancorp by 18.9% in the 1st quarter. New York State Teachers Retirement System now owns 100,246 shares of the bank’s stock valued at $603,000 after purchasing an additional 15,948 shares during the last quarter. Finally, First Mercantile Trust Co. raised its position in shares of First Bancorp by 91.5% in the 1st quarter. First Mercantile Trust Co. now owns 36,441 shares of the bank’s stock valued at $219,000 after purchasing an additional 17,411 shares during the last quarter. 88.52% of the stock is owned by hedge funds and other institutional investors.

FBP traded down $0.07 during trading on Friday, reaching $8.96. 1,039,590 shares of the company’s stock were exchanged, compared to its average volume of 1,906,005. First Bancorp has a 1 year low of $4.48 and a 1 year high of $9.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.98 billion, a PE ratio of 17.92, a P/E/G ratio of 0.42 and a beta of 1.90.

First Bancorp (NYSE:FBP) last posted its quarterly earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. The company had revenue of $150.94 million during the quarter, compared to analyst estimates of $150.60 million. During the same period last year, the firm posted $0.13 EPS. As a group, analysts predict that First Bancorp will post 0.62 EPS for the current fiscal year.

Several 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 report on Thursday, July 26th. Sandler O’Neill reaffirmed a “buy” rating and issued a $10.00 price objective on shares of First Bancorp in a research report on Thursday, August 2nd. ValuEngine lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Bank of America raised shares of 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. Seven equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $9.63.

First Bancorp 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.

Read More: Initial Public Offering (IPO)

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

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