First Bancorp (FBP) Stake Increased by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. boosted its position in First Bancorp (NYSE:FBP) by 11.1% during the first quarter, Holdings Channel reports. The firm owned 2,800,018 shares of the bank’s stock after buying an additional 280,300 shares during the period. First Bancorp accounts for approximately 3.2% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 6th largest position. Stieven Capital Advisors L.P. owned 1.31% of First Bancorp worth $15,820,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FBP. Acrospire Investment Management LLC increased its position in First Bancorp by 0.4% in the first quarter. Acrospire Investment Management LLC now owns 29,132 shares of the bank’s stock worth $165,000 after buying an additional 117 shares during the period. Bank of Montreal Can increased its position in First Bancorp by 1.6% in the first quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock worth $112,000 after buying an additional 316 shares during the period. Municipal Employees Retirement System of Michigan increased its position in First Bancorp by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 25,900 shares of the bank’s stock worth $135,000 after buying an additional 400 shares during the period. Profund Advisors LLC increased its position in First Bancorp by 1.7% in the first quarter. Profund Advisors LLC now owns 26,609 shares of the bank’s stock worth $150,000 after buying an additional 436 shares during the period. Finally, Capstone Investment Advisors LLC increased its position in First Bancorp by 10.5% in the fourth quarter. Capstone Investment Advisors LLC now owns 18,714 shares of the bank’s stock worth $123,000 after buying an additional 1,774 shares during the period. Hedge funds and other institutional investors own 84.24% of the company’s stock.

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

Shares of First Bancorp (NYSE:FBP) traded up 1.12% during mid-day trading on Friday, hitting $5.42. The stock had a trading volume of 1,677,692 shares. The stock has a market cap of $1.16 billion, a P/E ratio of 12.60 and a beta of 2.11. The company’s 50 day moving average is $5.67 and its 200-day moving average is $6.14. First Bancorp has a 52-week low of $3.58 and a 52-week high of $7.05.

First Bancorp (NYSE:FBP) last issued its earnings results on Tuesday, April 25th. The bank reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.01. The business had revenue of $130.79 million for the quarter, compared to analyst estimates of $139.80 million. First Bancorp had a net margin of 14.23% and a return on equity of 5.33%. During the same period last year, the company posted $0.11 earnings per share. On average, equities research analysts anticipate that First Bancorp will post $0.45 earnings per share for the current fiscal year.

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A number of research firms have weighed in on FBP. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $6.75 target price on the stock in a report on Thursday, April 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $7.50 target price on shares of First Bancorp in a report on Wednesday, April 5th. Finally, Citigroup Inc began coverage on First Bancorp in a report on Wednesday, February 8th. They set a “neutral” rating and a $7.00 target price on the stock.

In related news, EVP Nayda Rivera sold 26,081 shares of First Bancorp stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $6.05, for a total transaction of $157,790.05. Following the transaction, the executive vice president now directly owns 446,014 shares of the company’s stock, valued at $2,698,384.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Gonzalez Orlando Berges sold 50,000 shares of First Bancorp stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $6.02, for a total transaction of $301,000.00. Following the transaction, the chief financial officer now directly owns 627,431 shares in the company, valued at $3,777,134.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,081 shares of company stock worth $611,290. Corporate insiders own 41.11% of the company’s stock.

First Bancorp Company Profile

12 Month Chart for NYSE:FBP

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