Shell Asset Management Co. Has $750,000 Position in First BanCorp. (FBP)
Shell Asset Management Co. continued to hold its stake in shares of First BanCorp. (NYSE:FBP) during the second quarter, Holdings Channel reports. The firm owned 129,506 shares of the bank’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in First BanCorp. were worth $750,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of FBP. Wetherby Asset Management Inc. bought a new stake in shares of First BanCorp. during the first quarter valued at about $104,000. Everence Capital Management Inc. bought a new stake in shares of First BanCorp. during the first quarter valued at about $107,000. Brandes Investment Partners LP increased its stake in shares of First BanCorp. by 25.0% in the first quarter. Brandes Investment Partners LP now owns 19,506 shares of the bank’s stock valued at $110,000 after buying an additional 3,902 shares in the last quarter. Bank of Montreal Can increased its stake in shares of First BanCorp. by 1.6% in the first quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock valued at $112,000 after buying an additional 316 shares in the last quarter. Finally, LS Investment Advisors LLC increased its stake in shares of First BanCorp. by 444.6% in the first quarter. LS Investment Advisors LLC now owns 25,674 shares of the bank’s stock valued at $145,000 after buying an additional 20,960 shares in the last quarter. Institutional investors and hedge funds own 86.06% of the company’s stock.
First BanCorp. (NYSE FBP) opened at 5.58 on Friday. First BanCorp. has a 1-year low of $4.28 and a 1-year high of $7.05. The company has a 50-day moving average price of $5.84 and a 200 day moving average price of $5.89. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 12.13 and a beta of 2.01.
First BanCorp. (NYSE:FBP) last issued its earnings results on Friday, July 28th. The bank reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The business had revenue of $144.45 million during the quarter, compared to analysts’ expectations of $145.55 million. First BanCorp. had a return on equity of 5.57% and a net margin of 15.17%. During the same quarter last year, the firm posted $0.10 earnings per share. Equities analysts anticipate that First BanCorp. will post $0.47 earnings per share for the current year.
Several brokerages have recently issued reports on FBP. BidaskClub downgraded First BanCorp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded First BanCorp. from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $7.00.
In other news, insider Oaktree Fund Gp, Llc sold 10,000,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $5.66, for a total value of $56,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 21.10% of the company’s stock.
About First BanCorp.
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