Castine Capital Management Lowers stake in First Bancorp (FBP)

First Bancorp (FBP) : Castine Capital Management reduced its stake in First Bancorp by 52.8% during the most recent quarter end. The investment management company now holds a total of 1,586,000 shares of First Bancorp which is valued at $6,946,680 after selling 1,774,000 shares in First Bancorp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.First Bancorp makes up approximately 3.13% of Castine Capital Management’s portfolio.

Other Hedge Funds, Including , Everpoint Asset Management boosted its stake in FBP in the latest quarter, The investment management firm added 388,437 additional shares and now holds a total of 1,378,437 shares of First Bancorp which is valued at $6,037,554. First Bancorp makes up approx 0.16% of Everpoint Asset Management’s portfolio.California State Teachers Retirement System boosted its stake in FBP in the latest quarter, The investment management firm added 2,960 additional shares and now holds a total of 249,429 shares of First Bancorp which is valued at $1,085,016.Rock Point Advisors reduced its stake in FBP by selling 137,375 shares or 10.16% in the most recent quarter. The Hedge Fund company now holds 1,215,060 shares of FBP which is valued at $5,577,125. First Bancorp makes up approx 2.84% of Rock Point Advisors’s portfolio. Shell Asset Management Co added FBP to its portfolio by purchasing 146,190 company shares during the most recent quarter which is valued at $679,784. First Bancorp makes up approx 0.02% of Shell Asset Management Co’s portfolio.

First Bancorp closed down -0.07 points or -1.43% at $4.83 with 3,97,058 shares getting traded on Thursday. Post opening the session at $4.93, the shares hit an intraday low of $4.77 and an intraday high of $4.98 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, First Bancorp reported $0.11 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 25, 2016. Analyst had a consensus of $0.08.Analysts expectations of $ 147.10.During the same quarter in the previous year, the company posted $0.12 EPS.

First BanCorp. is a financial holding company. The Company serves as the bank holding company for FirstBank Puerto Rico (FirstBank) and FirstBank Insurance Agency Inc. (FirstBank Insurance Agency). Through its wholly owned subsidiaries the Company provides financial services and products with operations in Puerto Rico the United States and the United States Virgin Islands and British Virgin Islands. It focuses on commercial banking residential mortgage loan originations finance leases credit cards personal loans small loans auto loans and insurance agency and broker-dealer activities. It operates in six segments: Commercial and Corporate Banking; Consumer (Retail) Banking; Mortgage Banking; Treasury and Investments; United States Operations and Virgin Islands Operations. It has two wholly owned subsidiaries: FirstBank a Puerto Rico-chartered commercial bank and FirstBank Insurance Agency a Puerto Rico-chartered insurance agency.

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