Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a hold rating to a strong-buy rating in a report issued on Thursday morning. They currently have $6.00 price target on the stock.
According to Zacks, “First Bancorp distinguished itself by providing innovative marketing strategies and novel products to attract clients. Besides the branches and lending offices, the Corporation has offered a telephone information service called Telebanco since 1983. This was the first telebanking service offered in Puerto Rico. The Corporation’s clients have access to an extensive ATM network all over the world. The Corporation was the first in Puerto Rico to open on weekends and the first to offer in-store branches to its clients. “
Separately, TheStreet raised First Bancorp from a hold rating to a buy rating in a report on Wednesday, August 17th.
Shares of First Bancorp (NYSE:FBP) opened at 5.23 on Thursday. First Bancorp has a 12-month low of $2.06 and a 12-month high of $5.49. The company has a market capitalization of $1.11 billion, a PE ratio of 15.03 and a beta of 2.16. The stock’s 50 day moving average price is $5.00 and its 200 day moving average price is $4.28.
First Bancorp (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. First Bancorp had a return on equity of 4.42% and a net margin of 11.37%. During the same quarter in the previous year, the business posted ($0.16) EPS. On average, equities research analysts forecast that First Bancorp will post $0.41 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. raised its stake in shares of First Bancorp by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,506,309 shares of the company’s stock valued at $5,981,000 after buying an additional 11,929 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of First Bancorp during the second quarter valued at approximately $400,000. American Century Companies Inc. purchased a new stake in shares of First Bancorp during the second quarter valued at approximately $1,291,000. Arizona State Retirement System raised its stake in shares of First Bancorp by 2.2% in the second quarter. Arizona State Retirement System now owns 60,832 shares of the company’s stock valued at $242,000 after buying an additional 1,300 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in shares of First Bancorp by 102.8% in the second quarter. Cubist Systematic Strategies LLC now owns 37,530 shares of the company’s stock valued at $149,000 after buying an additional 19,024 shares during the last quarter. 84.70% of the stock is owned by institutional investors.
First Bancorp Company Profile
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