Pinebridge Investments L.P. reduced its holdings in shares of First BanCorp. (NYSE:FBP) by 57.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,902 shares of the bank’s stock after selling 143,971 shares during the quarter. Pinebridge Investments L.P.’s holdings in First BanCorp. were worth $537,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Amalgamated Bank boosted its holdings in First BanCorp. by 36.3% during the second quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after purchasing an additional 5,989 shares during the last quarter. Bank of Montreal Can boosted its holdings in First BanCorp. by 21.5% during the second quarter. Bank of Montreal Can now owns 24,092 shares of the bank’s stock worth $139,000 after purchasing an additional 4,256 shares during the last quarter. Pacad Investment Ltd. boosted its holdings in First BanCorp. by 63.7% during the second quarter. Pacad Investment Ltd. now owns 25,700 shares of the bank’s stock worth $149,000 after purchasing an additional 10,000 shares during the last quarter. Profund Advisors LLC boosted its holdings in First BanCorp. by 15.2% during the second quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock worth $178,000 after purchasing an additional 4,052 shares during the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in First BanCorp. during the second quarter worth about $199,000. Hedge funds and other institutional investors own 90.37% of the company’s stock.

Several research firms recently weighed in on FBP. ValuEngine cut shares of First BanCorp. from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Zacks Investment Research raised shares of First BanCorp. from a “hold” rating to a “buy” rating and set a $5.50 price objective on the stock in a research report on Thursday, October 12th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $7.50 price objective on shares of First BanCorp. in a research report on Friday, November 10th. TheStreet lowered shares of First BanCorp. from a “b-” rating to a “c” rating in a research report on Tuesday, November 7th. Finally, Bank of America lowered their price objective on shares of First BanCorp. from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $6.50.

Shares of First BanCorp. (FBP) opened at $5.03 on Monday. The company has a market cap of $1,087.36, a PE ratio of 10.48, a price-to-earnings-growth ratio of 2.71 and a beta of 1.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.03 and a quick ratio of 1.03. First BanCorp. has a 12-month low of $4.48 and a 12-month high of $7.05.

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First BanCorp. Profile

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Institutional Ownership by Quarter for First BanCorp. (NYSE:FBP)

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