Comerica Bank Raises Holdings in First Bancorp (FBP)
Comerica Bank grew its position in First Bancorp (NYSE:FBP) by 2.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 215,255 shares of the bank’s stock after buying an additional 4,165 shares during the quarter. Comerica Bank’s holdings in First Bancorp were worth $2,469,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of FBP. Bank of New York Mellon Corp lifted its holdings in shares of First Bancorp by 127.5% in the 4th quarter. Bank of New York Mellon Corp now owns 9,052,922 shares of the bank’s stock worth $77,855,000 after buying an additional 5,073,482 shares during the period. Norges Bank purchased a new stake in shares of First Bancorp during the 4th quarter worth $40,537,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of First Bancorp during the 4th quarter worth $19,105,000. JPMorgan Chase & Co. lifted its stake in shares of First Bancorp by 32.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,784,521 shares of the bank’s stock worth $61,740,000 after purchasing an additional 1,657,713 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of First Bancorp by 371.4% during the 4th quarter. Bank of America Corp DE now owns 1,816,415 shares of the bank’s stock worth $15,622,000 after purchasing an additional 1,431,115 shares during the last quarter. Institutional investors and hedge funds own 89.25% of the company’s stock.
Shares of NYSE FBP opened at $10.01 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $2.24 billion, a P/E ratio of 16.15, a P/E/G ratio of 1.01 and a beta of 1.52. First Bancorp has a 1-year low of $7.59 and a 1-year high of $11.94.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Wednesday, May 29th. First Bancorp’s dividend payout ratio (DPR) is currently 19.35%.
FBP has been the subject of a number of analyst reports. ValuEngine cut First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective for the company in a research note on Thursday, January 31st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $10.88.
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About First Bancorp
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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