First Bancorp (FBP) Position Raised by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System boosted its stake in First Bancorp (NYSE:FBP) by 17.6% in the third quarter, Holdings Channel reports. The firm owned 95,700 shares of the bank’s stock after acquiring an additional 14,300 shares during the period. Louisiana State Employees Retirement System’s holdings in First Bancorp were worth $871,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EJF Capital LLC bought a new stake in First Bancorp in the second quarter valued at about $27,189,000. Dimensional Fund Advisors LP increased its holdings in First Bancorp by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 16,973,065 shares of the bank’s stock valued at $129,845,000 after purchasing an additional 1,159,712 shares during the last quarter. MetLife Investment Advisors LLC increased its holdings in First Bancorp by 12.7% in the second quarter. MetLife Investment Advisors LLC now owns 98,874 shares of the bank’s stock valued at $756,000 after purchasing an additional 11,110 shares during the last quarter. Principal Financial Group Inc. increased its holdings in First Bancorp by 2.7% in the first quarter. Principal Financial Group Inc. now owns 1,425,258 shares of the bank’s stock valued at $8,580,000 after purchasing an additional 37,310 shares during the last quarter. Finally, Convergence Investment Partners LLC bought a new stake in First Bancorp in the second quarter valued at about $765,000. Institutional investors and hedge funds own 88.52% of the company’s stock.

FBP has been the subject of several recent analyst reports. Merion Capital Group upgraded First Bancorp from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $8.00 to $9.50 in a report on Thursday, July 26th. Sandler O’Neill restated a “buy” rating and issued a $10.00 price target on shares of First Bancorp in a report on Thursday, August 2nd. ValuEngine downgraded First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Zacks Investment Research downgraded First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Finally, Bank of America upgraded First Bancorp from a “neutral” rating to a “buy” rating and increased their price target for the stock from $9.00 to $12.00 in a report on Thursday, September 20th. Seven equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of $9.63.

Shares of First Bancorp stock opened at $8.98 on Friday. First Bancorp has a 1 year low of $4.48 and a 1 year high of $9.31. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 0.42 and a beta of 1.90. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. The company had revenue of $150.94 million during the quarter, compared to the consensus estimate of $150.60 million. During the same period in the prior year, the company earned $0.13 earnings per share. On average, research analysts predict that First Bancorp will post 0.62 EPS for the current fiscal year.

First Bancorp Profile

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