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.

TRADEMARK VIOLATION NOTICE: This article was first reported by Daily Political and is the property of of Daily Political. If you are reading this article on another domain, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The correct version of this article can be read at https://www.dailypolitical.com/2017/09/07/first-bancorp-fbp-stock-price-down-6-4.html.

About First BanCorp.