Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

First BanCorp: Blood In The Streets - Time To Buy

Puerto Rican municipal debt is pretty volatile these days, but headlines over this issue have created a unique opportunity for US stock market investors. First BanCorp (NYSE:FBP) is a Puerto Rican bank with the second largest market share on the island and given this pedigree, its stock has been devastated by the deluge of negative news coming from the US territory. Yet despite this the bank offers a unique opportunity to capture very significant returns in exchange for limited risk. FBP is currently trading at roughly 0.7 times its tangible book value and is likely to double earnings by 2016. Given this valuation and several notable company and national catalysts coming, it's hard to not to view the...

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