Flinton Capital Management LLC Acquires New Position in First Bancorp (FBP)

Flinton Capital Management LLC bought a new position in First Bancorp (NYSE:FBP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,672 shares of the bank’s stock, valued at approximately $112,000.

Other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in First Bancorp by 78.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,438 shares of the bank’s stock valued at $111,000 after acquiring an additional 8,078 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in First Bancorp by 55.8% during the first quarter. Xact Kapitalforvaltning AB now owns 32,931 shares of the bank’s stock valued at $198,000 after acquiring an additional 11,800 shares during the last quarter. Riverhead Capital Management LLC purchased a new stake in First Bancorp during the second quarter valued at $100,000. Gamco Investors INC. ET AL increased its position in First Bancorp by 42.9% during the first quarter. Gamco Investors INC. ET AL now owns 50,000 shares of the bank’s stock valued at $301,000 after acquiring an additional 15,000 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in First Bancorp by 18.9% during the first quarter. New York State Teachers Retirement System now owns 100,246 shares of the bank’s stock valued at $603,000 after acquiring an additional 15,948 shares during the last quarter. 88.52% of the stock is currently owned by institutional investors and hedge funds.

NYSE:FBP traded down $0.07 during mid-day trading on Friday, hitting $8.96. 1,039,590 shares of the company traded hands, compared to its average volume of 1,906,005. First Bancorp has a one year low of $4.48 and a one year high of $9.27. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. 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 released its quarterly earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. The business had revenue of $150.94 million during the quarter, compared to analyst estimates of $150.60 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. Equities analysts forecast that First Bancorp will post 0.62 earnings per share for the current fiscal year.

A number of analysts recently commented on the company. 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 Tuesday, July 3rd. Sandler O’Neill reiterated a “buy” rating and set a $10.00 price objective on shares of First Bancorp in a research report on Thursday, August 2nd. Merion Capital Group upgraded First Bancorp from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $8.00 to $9.50 in a research report on Thursday, July 26th. Finally, Bank of America upgraded First Bancorp from a “neutral” rating to a “buy” rating and upped their price objective for the company from $9.00 to $12.00 in a research report on Thursday, September 20th. Seven analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus price target of $9.63.

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

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