Penn Capital Management Co. Inc. Cuts Position in First Bancorp (FBP)

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Penn Capital Management Co. Inc. cut its stake in First Bancorp (NYSE:FBP) by 16.9% in the 1st quarter, HoldingsChannel reports. The fund owned 689,381 shares of the bank’s stock after selling 140,115 shares during the quarter. Penn Capital Management Co. Inc.’s holdings in First Bancorp were worth $8,762,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FBP. Everence Capital Management Inc. raised its stake in First Bancorp by 106.3% in the first quarter. Everence Capital Management Inc. now owns 38,970 shares of the bank’s stock worth $447,000 after buying an additional 20,080 shares in the last quarter. Toronto Dominion Bank bought a new position in First Bancorp in the first quarter worth about $40,000. Emerald Mutual Fund Advisers Trust bought a new position in First Bancorp in the first quarter worth about $1,010,000. California Public Employees Retirement System raised its stake in First Bancorp by 2.9% in the first quarter. California Public Employees Retirement System now owns 729,656 shares of the bank’s stock worth $8,362,000 after buying an additional 20,255 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new position in First Bancorp in the first quarter worth about $394,000. Institutional investors own 90.62% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. First Bancorp has an average rating of “Buy” and an average price target of $10.88.

Shares of NYSE FBP traded down $0.20 on Wednesday, reaching $10.49. 13,400 shares of the company’s stock traded hands, compared to its average volume of 1,456,024. First Bancorp has a 12 month low of $7.59 and a 12 month high of $11.94. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.02 and a beta of 1.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.01 and a current ratio of 1.01.

First Bancorp (NYSE:FBP) last announced its earnings results on Wednesday, April 24th. The bank reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). First Bancorp had a net margin of 28.97% and a return on equity of 7.43%. The business had revenue of $162.72 million for the quarter, compared to the consensus estimate of $163.50 million. During the same period in the prior year, the business posted $0.15 EPS. On average, analysts forecast that First Bancorp will post 0.76 earnings per share for the current fiscal year.

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First Bancorp Company Profile

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in 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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