Zacks Investment Management Boosts Holdings in First Bancorp (FBP)
Zacks Investment Management grew its holdings in shares of First Bancorp (NYSE:FBP) by 1,735.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 284,434 shares of the bank’s stock after acquiring an additional 268,941 shares during the quarter. Zacks Investment Management’s holdings in First Bancorp were worth $2,176,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Riverhead Capital Management LLC purchased a new position in shares of First Bancorp during the second quarter worth approximately $100,000. Flinton Capital Management LLC purchased a new position in shares of First Bancorp during the second quarter worth approximately $112,000. First Citizens Bank & Trust Co. purchased a new position in shares of First Bancorp during the second quarter worth approximately $134,000. Neuburgh Advisers LLC purchased a new position in shares of First Bancorp during the second quarter worth approximately $136,000. Finally, Prospera Financial Services Inc purchased a new position in shares of First Bancorp during the second quarter worth approximately $145,000. 88.52% of the stock is currently owned by hedge funds and other institutional investors.
FBP has been the topic of several research reports. Sandler O’Neill reissued a “buy” rating and set a $10.00 price target on shares of First Bancorp in a research note on Thursday, August 2nd. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a research note on Friday, July 27th. ValuEngine downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. Finally, Merion Capital Group raised shares of First Bancorp from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $8.00 to $9.50 in a research note on Thursday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $8.63.
First Bancorp (NYSE:FBP) last issued its earnings results on Wednesday, July 25th. The bank reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. The company had revenue of $150.94 million for the quarter, compared to the consensus estimate of $150.60 million. During the same period in the previous year, the firm earned $0.13 earnings per share. analysts anticipate that First Bancorp will post 0.59 earnings per share for the current fiscal 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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