Hedge fund manager, value, contrarian

First Bancorp: Cheap But For Some Good Reasons

Should you buy a stock solely based on the reason that it is cheap? I hope your answer is No to this one as a stock usually becomes cheap for a good reason and though there are opportunities where you can separate wheat from the chaff, I think First Bancorp (NYSE:FBP) does not fall into this category of a compelling opportunity - or at least not yet. Please note that this write up is not intended to be a short idea for FBP but rather should serve as an observation that worst is not over for the bank. First Bancorp referred to as "First bank" or "the bank" in this article is the second largest regional bank in...

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