First Bancorp (NYSE:FBP) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its holdings in First Bancorp (NYSE:FBP) by 32.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 626,947 shares of the bank’s stock after selling 304,041 shares during the period. Russell Investments Group Ltd. owned approximately 0.29% of First Bancorp worth $6,920,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. FMR LLC lifted its stake in First Bancorp by 177.3% during the 1st quarter. FMR LLC now owns 5,908,978 shares of the bank’s stock worth $67,716,000 after acquiring an additional 3,777,700 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in First Bancorp by 892.9% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 643,649 shares of the bank’s stock worth $7,106,000 after acquiring an additional 578,823 shares in the last quarter. Wells Fargo & Company MN lifted its stake in First Bancorp by 142.6% during the 2nd quarter. Wells Fargo & Company MN now owns 728,938 shares of the bank’s stock worth $8,047,000 after acquiring an additional 428,500 shares in the last quarter. Federated Investors Inc. PA lifted its stake in First Bancorp by 120.1% during the 1st quarter. Federated Investors Inc. PA now owns 772,397 shares of the bank’s stock worth $8,851,000 after acquiring an additional 421,457 shares in the last quarter. Finally, Stilwell Value LLC acquired a new position in First Bancorp during the 2nd quarter worth about $3,864,000. 90.70% of the stock is currently owned by institutional investors and hedge funds.

FBP traded up $0.04 during mid-day trading on Thursday, hitting $10.13. 25,385 shares of the stock were exchanged, compared to its average volume of 1,479,109. The firm’s fifty day moving average is $9.84 and its two-hundred day moving average is $10.65. First Bancorp has a 1-year low of $7.91 and a 1-year high of $11.94. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.44. The company has a market cap of $2.11 billion, a PE ratio of 16.15, a PEG ratio of 1.15 and a beta of 1.58.

First Bancorp (NYSE:FBP) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The company had revenue of $164.77 million during the quarter, compared to analyst estimates of $169.10 million. First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. During the same period in the prior year, the business earned $0.14 EPS. As a group, research analysts anticipate that First Bancorp will post 0.74 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Wednesday, August 28th. First Bancorp’s dividend payout ratio is currently 19.35%.

Several research firms recently issued reports on FBP. ValuEngine lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. Zacks Investment Research raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 6th.

First Bancorp 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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