Texas Permanent School Fund grew its position in shares of First Bancorp (NYSE:FBP) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,160 shares of the bank’s stock after buying an additional 5,507 shares during the quarter. Texas Permanent School Fund owned approximately 0.07% of First Bancorp worth $1,223,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the business. Oppenheimer Asset Management Inc. bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $65,000. Oregon Public Employees Retirement Fund bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $83,000. First Citizens Bank & Trust Co. bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $101,000. WINTON GROUP Ltd bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $112,000. Finally, Cigna Investments Inc. New bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $115,000. 89.34% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently commented on the stock. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a research note on Thursday, January 31st. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, December 12th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $10.50.
Shares of FBP traded up $0.01 during mid-day trading on Friday, hitting $11.54. 8,266 shares of the company traded hands, compared to its average volume of 1,394,676. First Bancorp has a one year low of $5.78 and a one year high of $11.74. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.01 and a quick ratio of 1.00. The stock has a market capitalization of $2.48 billion, a P/E ratio of 18.60 and a beta of 1.57.
First Bancorp (NYSE:FBP) last released its quarterly earnings results on Tuesday, January 29th. The bank reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.04. First Bancorp had a net margin of 28.13% and a return on equity of 7.36%. The business had revenue of $158.23 million for the quarter, compared to analysts’ expectations of $158.30 million. During the same period in the prior year, the firm earned $0.11 earnings per share. As a group, analysts anticipate that First Bancorp will post 0.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.12 dividend on an annualized basis and a yield of 1.04%. First Bancorp’s payout ratio is presently 19.35%.
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About First Bancorp
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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