Russell Investments Group Ltd. boosted its position in First Bancorp (NYSE:FBP) by 14.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 773,148 shares of the bank’s stock after buying an additional 95,864 shares during the quarter. Russell Investments Group Ltd.’s holdings in First Bancorp were worth $5,915,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FBP. Dimensional Fund Advisors LP increased its holdings in First Bancorp by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 15,813,353 shares of the bank’s stock valued at $95,196,000 after buying an additional 2,098,482 shares during the last quarter. Millennium Management LLC increased its holdings in First Bancorp by 160.7% in the first quarter. Millennium Management LLC now owns 2,845,990 shares of the bank’s stock valued at $17,133,000 after buying an additional 1,754,333 shares during the last quarter. UBS Group AG increased its holdings in First Bancorp by 50.5% in the first quarter. UBS Group AG now owns 1,351,314 shares of the bank’s stock valued at $8,135,000 after buying an additional 453,452 shares during the last quarter. James Investment Research Inc. bought a new stake in First Bancorp in the second quarter valued at about $2,937,000. Finally, BlackRock Inc. increased its holdings in First Bancorp by 1.4% in the first quarter. BlackRock Inc. now owns 23,817,027 shares of the bank’s stock valued at $143,377,000 after buying an additional 318,143 shares during the last quarter. 88.52% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently weighed in on FBP. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. ValuEngine lowered First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Sandler O’Neill reissued a “buy” rating and issued a $10.00 price objective on shares of First Bancorp in a report on Thursday, August 2nd. Finally, Merion Capital Group raised 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 report on Thursday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Bancorp presently has a consensus rating of “Buy” and a consensus target price of $8.63.

NYSE:FBP opened at $8.58 on Thursday. The company has a market cap of $1.86 billion, a PE ratio of 15.87 and a beta of 1.84. First Bancorp has a 52 week low of $4.48 and a 52 week high of $9.14. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98.

First Bancorp (NYSE:FBP) last posted its earnings results on Wednesday, July 25th. The bank reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $150.94 million during the quarter, compared to analyst estimates of $150.60 million. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. During the same period in the prior year, the company earned $0.13 earnings per share. equities research analysts anticipate that First Bancorp will post 0.59 EPS 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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Institutional Ownership by Quarter for First Bancorp (NYSE:FBP)

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