BlackRock Inc. raised its holdings in shares of First Bancorp (NYSE:FBP) by 12.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,698,146 shares of the bank’s stock after purchasing an additional 2,881,119 shares during the period. BlackRock Inc. owned 12.34% of First Bancorp worth $204,240,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FBP. Dimensional Fund Advisors LP increased its stake in shares of First Bancorp by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 15,813,353 shares of the bank’s stock valued at $95,196,000 after purchasing an additional 2,098,482 shares in the last quarter. Millennium Management LLC increased its position in shares of First Bancorp by 160.7% during the first quarter. Millennium Management LLC now owns 2,845,990 shares of the bank’s stock valued at $17,133,000 after acquiring an additional 1,754,333 shares in the last quarter. UBS Group AG increased its position in shares of First Bancorp by 50.5% during the first quarter. UBS Group AG now owns 1,351,314 shares of the bank’s stock valued at $8,135,000 after acquiring an additional 453,452 shares in the last quarter. James Investment Research Inc. bought a new stake in shares of First Bancorp during the second quarter valued at approximately $2,937,000. Finally, SG Americas Securities LLC increased its position in shares of First Bancorp by 1,915.8% during the second quarter. SG Americas Securities LLC now owns 319,376 shares of the bank’s stock valued at $2,443,000 after acquiring an additional 303,532 shares in the last quarter. 88.52% of the stock is owned by institutional investors and hedge funds.

Shares of FBP opened at $9.17 on Monday. The company has a market cap of $1.99 billion, a P/E ratio of 18.34 and a beta of 1.84. 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 has a twelve month low of $4.48 and a twelve month high of $9.27.

First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $150.94 million during the quarter, compared to the consensus estimate of $150.60 million. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. During the same quarter last year, the firm earned $0.13 earnings per share. sell-side analysts anticipate that First Bancorp will post 0.62 EPS for the current fiscal year.

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

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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Institutional Ownership by Quarter for First Bancorp (NYSE:FBP)

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