Pinebridge Investments L.P. Sells 143,971 Shares of First Bancorp (FBP)

Pinebridge Investments L.P. cut its stake in First Bancorp (NYSE:FBP) by 57.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. KBC Group NV boosted its position in shares of First Bancorp by 46.5% in the third quarter. KBC Group NV now owns 231,452 shares of the bank’s stock worth $1,185,000 after purchasing an additional 73,510 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of First Bancorp by 7.9% in the third quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock worth $59,974,000 after purchasing an additional 860,841 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of First Bancorp by 9.8% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,785,295 shares of the bank’s stock worth $29,621,000 after purchasing an additional 517,029 shares during the period. Hartford Investment Management Co. boosted its position in shares of First Bancorp by 12.8% in the third quarter. Hartford Investment Management Co. now owns 519,153 shares of the bank’s stock worth $2,658,000 after purchasing an additional 59,000 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of First Bancorp by 7.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 2,130,366 shares of the bank’s stock worth $10,908,000 after purchasing an additional 154,570 shares during the period. Institutional investors own 90.29% of the company’s stock.

Shares of First Bancorp (NYSE FBP) traded down $0.03 on Tuesday, hitting $5.07. 1,870,000 shares of the stock traded hands, compared to its average volume of 2,680,000. First Bancorp has a 1-year low of $4.48 and a 1-year high of $7.02. The stock has a market capitalization of $1,100.00, a P/E ratio of 16.90, a P/E/G ratio of 2.75 and a beta of 1.92. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62.

Several research firms have recently commented on FBP. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a report on Thursday, October 12th. TheStreet downgraded shares of First Bancorp from a “b-” rating to a “c” rating in a report on Tuesday, November 7th. Bank of America lowered their target price on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $7.50 price target on shares of First Bancorp in a research note on Friday, November 10th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $6.50.

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First Bancorp Company Profile

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

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