First BanCorp Sees Unusually High Options Volume (FBP)
First BanCorp (NYSE:FBP) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 687 call options on the company. This is an increase of approximately 781% compared to the average volume of 78 call options.
FBP has been the topic of a number of recent analyst reports. Zacks Investment Research cut First BanCorp from a “hold” rating to a “sell” rating in a report on Tuesday, March 13th. Piper Jaffray reaffirmed a “buy” rating and set a $8.00 price target on shares of First BanCorp in a report on Monday, January 29th. ValuEngine raised First BanCorp from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 7th. Citigroup lifted their price target on First BanCorp from $7.00 to $9.00 and gave the company a “buy” rating in a report on Monday, April 30th. Finally, Merion Capital Group reaffirmed a “neutral” rating on shares of First BanCorp in a report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.75.
FBP opened at $7.85 on Thursday. The company has a market cap of $1.65 billion, a PE ratio of 15.68 and a beta of 1.77. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.49. First BanCorp has a twelve month low of $7.74 and a twelve month high of $7.83.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FBP. Thrivent Financial For Lutherans increased its stake in shares of First BanCorp by 3.4% during the fourth quarter. Thrivent Financial For Lutherans now owns 3,529,245 shares of the bank’s stock valued at $17,999,000 after acquiring an additional 115,262 shares during the period. Penbrook Management LLC acquired a new position in shares of First BanCorp during the fourth quarter valued at approximately $609,000. Monashee Investment Management LLC acquired a new position in shares of First BanCorp during the fourth quarter valued at approximately $459,000. Citadel Advisors LLC increased its stake in shares of First BanCorp by 1,366.1% during the fourth quarter. Citadel Advisors LLC now owns 1,313,306 shares of the bank’s stock valued at $6,698,000 after acquiring an additional 1,223,728 shares during the period. Finally, Strs Ohio increased its stake in shares of First BanCorp by 8.3% during the fourth quarter. Strs Ohio now owns 172,000 shares of the bank’s stock valued at $877,000 after acquiring an additional 13,200 shares during the period. 91.61% of the stock is currently owned by institutional investors.
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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