Investors Buy High Volume of First Bancorp Put Options (NYSE:FBP)

First Bancorp (NYSE:FBP) saw some unusual options trading activity on Thursday. Traders bought 1,144 put options on the company. This is an increase of approximately 1,716% compared to the typical daily volume of 63 put options.

Several institutional investors and hedge funds have recently modified their holdings of the company. Sciencast Management LP acquired a new stake in shares of First Bancorp during the fourth quarter worth about $106,000. 6 Meridian boosted its holdings in shares of First Bancorp by 14.7% in the fourth quarter. 6 Meridian now owns 27,224 shares of the bank’s stock valued at $288,000 after acquiring an additional 3,493 shares during the period. Millennium Management LLC boosted its holdings in shares of First Bancorp by 34,175.3% in the third quarter. Millennium Management LLC now owns 4,394,091 shares of the bank’s stock valued at $43,853,000 after acquiring an additional 4,381,271 shares during the period. Philadelphia Financial Management of San Francisco LLC boosted its holdings in shares of First Bancorp by 16,987.6% in the third quarter. Philadelphia Financial Management of San Francisco LLC now owns 854,381 shares of the bank’s stock valued at $8,527,000 after acquiring an additional 849,381 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in shares of First Bancorp by 101.7% in the third quarter. Squarepoint Ops LLC now owns 258,422 shares of the bank’s stock valued at $2,579,000 after acquiring an additional 130,287 shares during the period. 89.93% of the stock is currently owned by institutional investors and hedge funds.

FBP has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 24th. Citigroup cut shares of First Bancorp from a “buy” rating to a “neutral” rating in a research report on Thursday, January 9th. Finally, ValuEngine raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday.

NYSE FBP opened at $10.45 on Friday. The firm’s 50-day moving average is $10.52 and its two-hundred day moving average is $10.32. First Bancorp has a 12 month low of $9.19 and a 12 month high of $11.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market capitalization of $2.21 billion, a P/E ratio of 16.85, a PEG ratio of 0.61 and a beta of 1.56.

First Bancorp (NYSE:FBP) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business had revenue of $165.83 million for the quarter, compared to analysts’ expectations of $171.90 million. First Bancorp had a net margin of 30.46% and a return on equity of 7.93%. During the same quarter in the prior year, the company earned $0.16 earnings per share. As a group, analysts anticipate that First Bancorp will post 0.75 EPS for the current year.

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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