Rhumbline Advisers Acquires 38,134 Shares of First Bancorp (FBP)
Rhumbline Advisers raised its holdings in First Bancorp (NYSE:FBP) by 8.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 474,238 shares of the bank’s stock after purchasing an additional 38,134 shares during the period. Rhumbline Advisers owned 0.22% of First Bancorp worth $3,628,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of First Bancorp by 78.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,438 shares of the bank’s stock worth $111,000 after purchasing an additional 8,078 shares in the last quarter. Evergreen Capital Management LLC purchased a new position in shares of First Bancorp in the first quarter worth about $132,000. First Citizens Bank & Trust Co. purchased a new position in First Bancorp during the second quarter valued at approximately $134,000. Trexquant Investment LP purchased a new position in First Bancorp during the first quarter valued at approximately $144,000. Finally, Prospera Financial Services Inc purchased a new position in First Bancorp during the second quarter valued at approximately $145,000. Hedge funds and other institutional investors own 88.52% of the company’s stock.
Several equities analysts recently commented on FBP shares. Merion Capital Group raised shares of First Bancorp from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $8.00 to $9.50 in a research note on Thursday, July 26th. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $9.25 price objective for the company in a research note on Friday, July 27th. ValuEngine cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Sandler O’Neill reaffirmed a “buy” rating and set a $10.00 price objective on shares of First Bancorp in a research note on Thursday, August 2nd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. First Bancorp presently has a consensus rating of “Buy” and an average target price of $8.63.
First Bancorp (NYSE:FBP) last issued its quarterly earnings data on Wednesday, July 25th. The bank reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. The company had revenue of $150.94 million during the quarter, compared to analysts’ expectations of $150.60 million. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. During the same quarter in the previous year, the company earned $0.13 earnings per share. equities research analysts anticipate that First Bancorp will post 0.59 earnings per share for the current year.
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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