Wetherby Asset Management Inc. Lowers Position in First Bancorp (FBP)

Wetherby Asset Management Inc. trimmed its position in First Bancorp (NYSE:FBP) by 6.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,225 shares of the bank’s stock after selling 1,157 shares during the quarter. Wetherby Asset Management Inc.’s holdings in First Bancorp were worth $148,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new position in shares of First Bancorp during the 4th quarter worth about $65,000. First Citizens Bank & Trust Co. acquired a new position in shares of First Bancorp during the 4th quarter worth about $101,000. Tower Research Capital LLC TRC acquired a new position in shares of First Bancorp during the 3rd quarter worth about $176,000. Quantamental Technologies LLC acquired a new position in shares of First Bancorp during the 4th quarter worth about $195,000. Finally, GWM Advisors LLC acquired a new position in shares of First Bancorp during the 4th quarter worth about $203,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

NYSE:FBP opened at $10.71 on Friday. First Bancorp has a fifty-two week low of $5.68 and a fifty-two week high of $10.83. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. The stock has a market cap of $2.32 billion, a PE ratio of 17.27 and a beta of 1.55.

First Bancorp (NYSE:FBP) last released its quarterly earnings data on Tuesday, January 29th. The bank reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.04. First Bancorp had a return on equity of 7.36% and a net margin of 28.13%. The business had revenue of $158.23 million for the quarter, compared to analysts’ expectations of $158.30 million. During the same quarter in the previous year, the business posted $0.11 EPS. As a group, equities analysts expect that First Bancorp will post 0.74 EPS for the current fiscal year.

Several research firms have recently issued reports on FBP. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “strong-buy” rating and set a $12.00 target price for the company in a research report on Thursday, January 31st. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, December 12th. Finally, TheStreet upgraded First Bancorp from a “c+” rating to a “b” rating in a research report on Friday, October 26th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $10.50.

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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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