First BanCorp. (FBP) Stock Price Down 6.4%
First BanCorp. (NYSE:FBP) shares fell 6.4% during trading on Tuesday . The company traded as low as $5.37 and last traded at $5.37. 1,471,003 shares were traded during mid-day trading, an increase of 11% from the average session volume of 1,330,660 shares. The stock had previously closed at $5.74.
A number of research firms have commented on FBP. Zacks Investment Research raised shares of First BanCorp. from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research report on Tuesday, August 1st. BidaskClub cut shares of First BanCorp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th.
The stock has a 50 day moving average of $5.72 and a 200 day moving average of $5.74. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 11.93 and a beta of 2.02.
First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Friday, July 28th. The bank reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. First BanCorp. had a return on equity of 5.57% and a net margin of 15.17%. The firm had revenue of $144.45 million for the quarter, compared to analyst estimates of $145.55 million. During the same period in the previous year, the firm earned $0.10 earnings per share. Equities analysts expect that First BanCorp. will post $0.47 EPS for the current fiscal year.
In other First BanCorp. news, insider Oaktree Fund Gp, Llc sold 10,000,000 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 21.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Wetherby Asset Management Inc. acquired a new position in shares of First BanCorp. during the 1st quarter valued at about $104,000. Brandes Investment Partners LP boosted its stake in First BanCorp. by 25.0% during the 1st quarter. Brandes Investment Partners LP now owns 19,506 shares of the bank’s stock valued at $110,000 after purchasing an additional 3,902 shares during the period. Bank of Montreal Can boosted its stake in First BanCorp. by 1.6% during the 1st quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock valued at $112,000 after purchasing an additional 316 shares during the period. Amalgamated Bank boosted its stake in First BanCorp. by 36.3% during the 2nd quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock valued at $130,000 after purchasing an additional 5,989 shares during the period. Finally, LS Investment Advisors LLC boosted its stake in First BanCorp. by 444.6% during the 1st quarter. LS Investment Advisors LLC now owns 25,674 shares of the bank’s stock valued at $145,000 after purchasing an additional 20,960 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.
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About First BanCorp.