First Bancorp (FBP) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a research note released on Wednesday.

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. “

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Several other research firms have also recently commented on FBP. ValuEngine upgraded First Bancorp from a buy rating to a strong-buy rating in a research report on Wednesday, March 7th. Citigroup upgraded First Bancorp from a neutral rating to a buy rating in a research report on Thursday, December 21st. Finally, Piper Jaffray restated a buy rating and set a $8.00 target price on shares of First Bancorp in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. First Bancorp currently has a consensus rating of Buy and a consensus target price of $6.63.

Shares of NYSE FBP opened at $6.31 on Wednesday. The firm has a market capitalization of $1,369.04, a PE ratio of 12.62, a P/E/G ratio of 0.54 and a beta of 1.78. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $6.49. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.00 and a quick ratio of 0.99.

First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Monday, January 29th. The bank reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.06. First Bancorp had a return on equity of 5.89% and a net margin of 9.88%. The company had revenue of $137.22 million during the quarter, compared to analysts’ expectations of $137.80 million. During the same period in the previous year, the business earned $0.11 earnings per share. equities research analysts predict that First Bancorp will post 0.42 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC grew its position in First Bancorp by 323.5% during the third quarter. SG Americas Securities LLC now owns 61,116 shares of the bank’s stock worth $313,000 after buying an additional 46,685 shares in the last quarter. Dimensional Fund Advisors LP grew its position in First Bancorp by 7.9% during the third quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock worth $59,974,000 after buying an additional 860,841 shares in the last quarter. California Public Employees Retirement System grew its position in First Bancorp by 3.0% during the third quarter. California Public Employees Retirement System now owns 822,399 shares of the bank’s stock worth $4,211,000 after buying an additional 23,999 shares in the last quarter. Citadel Advisors LLC boosted its holdings in shares of First Bancorp by 145.4% in the 3rd quarter. Citadel Advisors LLC now owns 89,578 shares of the bank’s stock worth $459,000 after purchasing an additional 53,074 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its holdings in shares of First Bancorp by 84.8% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 68,280 shares of the bank’s stock worth $350,000 after purchasing an additional 31,330 shares in the last quarter. Institutional investors and hedge funds own 92.48% of the company’s stock.

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First Bancorp Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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