Clover Partners L.P. lowered its stake in First Bancorp (NYSE:FBP) by 68.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 275,000 shares of the bank’s stock after selling 607,705 shares during the period. First Bancorp accounts for about 1.3% of Clover Partners L.P.’s holdings, making the stock its 22nd biggest holding. Clover Partners L.P.’s holdings in First Bancorp were worth $1,403,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in FBP. First Citizens Bank & Trust Co. bought a new position in First Bancorp in the fourth quarter valued at approximately $105,000. Delpha Capital Management LLC bought a new position in First Bancorp in the fourth quarter valued at approximately $121,000. CIBC Asset Management Inc bought a new position in First Bancorp in the fourth quarter valued at approximately $124,000. Quantitative Systematic Strategies LLC bought a new position in First Bancorp in the fourth quarter valued at approximately $145,000. Finally, Invictus RG bought a new position in First Bancorp in the fourth quarter valued at approximately $231,000. 92.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Bancorp (FBP) opened at $6.40 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.50. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $6.49. The stock has a market cap of $1,392.83, a P/E ratio of 21.33, a PEG ratio of 0.55 and a beta of 1.88.
FBP has been the topic of a number of research reports. Citigroup raised shares of First Bancorp from a “neutral” rating to a “buy” rating in a research note on Thursday, December 21st. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Tuesday, January 16th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $8.00 price target on shares of First Bancorp in a research note on Monday, January 29th. Finally, ValuEngine lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $6.80.
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First Bancorp Profile
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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