Texas Permanent School Fund cut its stake in shares of First Bancorp (NYSE:FBP) by 7.3% during the 4th quarter, HoldingsChannel reports. The fund owned 122,766 shares of the bank’s stock after selling 9,671 shares during the period. Texas Permanent School Fund’s holdings in First Bancorp were worth $626,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of FBP. Point72 Asset Management L.P. lifted its stake in First Bancorp by 194.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,630,900 shares of the bank’s stock valued at $28,830,000 after acquiring an additional 3,720,200 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of First Bancorp by 11.4% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 10,598,957 shares of the bank’s stock worth $54,267,000 after purchasing an additional 1,083,233 shares during the period. Vanguard Group Inc. raised its stake in shares of First Bancorp by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 15,613,136 shares of the bank’s stock worth $90,400,000 after purchasing an additional 1,027,469 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Bancorp by 7.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock worth $59,974,000 after purchasing an additional 860,841 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in shares of First Bancorp by 9.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,785,295 shares of the bank’s stock worth $29,621,000 after purchasing an additional 517,029 shares during the period. Institutional investors and hedge funds own 88.34% of the company’s stock.
FBP has been the topic of a number of recent analyst reports. Bank of America lowered their target price on First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 8th. TheStreet cut First Bancorp from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Zacks Investment Research cut First Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Piper Jaffray Companies reiterated a “buy” rating and set a $7.50 target price on shares of First Bancorp in a research note on Friday, November 10th. Finally, Citigroup lowered their target price on First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.80.
First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Monday, January 29th. The bank reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. First Bancorp had a return on equity of 5.89% and a net margin of 9.88%. The company had revenue of $137.22 million during the quarter, compared to analyst estimates of $137.80 million. During the same quarter last year, the firm posted $0.11 EPS. research analysts predict that First Bancorp will post 0.42 earnings per share for the current fiscal year.
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About First Bancorp
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
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