Both Second Curve and Consector reduced their holdings in NewStar Financial Inc (NASDAQ:NEWS) during the first quarter, the former by 27% to 2.11 million shares valued at $24.74 million and the latter by 17% to 789,800 shares valued at $9.26 million. Shares of the $513 million commercial finance company have lost 12.8% of their value year-to-date. Among the funds that we track, D.T. Ignacio Jayanti‘s Corsair Capital LLC is the largest shareholder of NewStar Financial Inc (NASDAQ:NEWS), with some 9.54 million shares valued at $111.89 million.
Next in line is OFG Bancorp (NYSE:OFG) and the two funds have competing outlooks towards the company’s prospects given their activity during the first three months. While Second Curve increased its stake by 47% to 724,600 shares valued at $11.83 million in the Puerto Rico-based financial company, Consector slashed its holding by 33% to 515,600 shares valued at $8.41 million. So far this year OFG Bancorp (NYSE:OFG) has depreciated by more than 15%. Porter Collins, Daniel Moses, and Vincent Daniel’s Seawolf Capital is the largest shareholder of OFG Bancorp (NYSE:OFG) among those that we track, holding about 886,400 shares valued at $14.47 million.
Both funds slashed their stakes in First Bancorp (NYSE:FBP) during the first quarter despite the stock appreciating by almost 10% year-to-date. Second Curve disposed of 653,000 shares to drop its holding to 859,500 shares valued at $5.33 million, while Consector Capital slashed its holding by 15% to 2.52 million shares valued at 15.62 million. Although First Bancorp (NYSE:FBP) managed to beat the bottom line estimates for its first quarter financial results, revenues came in lighter than expected. Howard Marks’ Oaktree Capital Management is the largest stockholder of First Bancorp (NYSE:FBP) within our database, holding some 41.84 million shares valued at $259.43 million.