Victory Capital Management Inc. decreased its holdings in First Bancorp (NYSE:FBP) by 63.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,570 shares of the bank’s stock after selling 21,845 shares during the period. Victory Capital Management Inc.’s holdings in First Bancorp were worth $139,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its stake in shares of First Bancorp by 18.0% in the second quarter. UBS Asset Management Americas Inc. now owns 218,047 shares of the bank’s stock worth $2,407,000 after acquiring an additional 33,204 shares during the period. Citadel Advisors LLC boosted its stake in shares of First Bancorp by 95.8% in the second quarter. Citadel Advisors LLC now owns 258,951 shares of the bank’s stock worth $2,859,000 after acquiring an additional 126,692 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of First Bancorp by 482.0% in the second quarter. Point72 Asset Management L.P. now owns 2,337,906 shares of the bank’s stock worth $25,810,000 after acquiring an additional 1,936,181 shares during the period. Marshall Wace LLP bought a new position in shares of First Bancorp in the second quarter worth about $2,964,000. Finally, Morgan Stanley boosted its stake in shares of First Bancorp by 292.1% in the second quarter. Morgan Stanley now owns 987,367 shares of the bank’s stock worth $10,901,000 after acquiring an additional 735,578 shares during the period. 90.69% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on FBP. ValuEngine lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 10th. Zacks Investment Research raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 19th.
First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. The firm had revenue of $164.77 million for the quarter, compared to the consensus estimate of $169.10 million. During the same period in the previous year, the company posted $0.14 earnings per share. As a group, equities research analysts forecast that First Bancorp will post 0.74 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Wednesday, August 28th. First Bancorp’s payout ratio is presently 19.35%.
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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