First Bancorp (NYSE:FBP) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

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, ValuEngine downgraded First Bancorp from a buy rating to a hold rating in a research report on Wednesday, May 15th.

NYSE FBP opened at $9.78 on Tuesday. The firm has a market cap of $2.14 billion, a P/E ratio of 15.77, a P/E/G ratio of 1.17 and a beta of 1.53. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50-day moving average price of $10.64. First Bancorp has a 1-year low of $7.91 and a 1-year high of $11.94.

First Bancorp (NYSE:FBP) last released its earnings results on Tuesday, July 23rd. The bank reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The firm had revenue of $164.77 million during the quarter, compared to analyst estimates of $169.10 million. First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. During the same period in the prior year, the firm earned $0.14 earnings per share. On average, sell-side analysts anticipate that First Bancorp will post 0.74 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Wednesday, August 28th. First Bancorp’s dividend payout ratio is presently 19.35%.

Institutional investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. grew its holdings in First Bancorp by 14.7% during the second quarter. Jacobs Levy Equity Management Inc. now owns 1,234,857 shares of the bank’s stock worth $13,633,000 after acquiring an additional 157,979 shares during the period. Laurion Capital Management LP acquired a new position in First Bancorp during the second quarter worth $1,123,000. BlackRock Inc. grew its holdings in First Bancorp by 1.2% during the second quarter. BlackRock Inc. now owns 31,708,675 shares of the bank’s stock worth $350,063,000 after acquiring an additional 377,338 shares during the period. Pinebridge Investments L.P. grew its holdings in First Bancorp by 4.7% during the second quarter. Pinebridge Investments L.P. now owns 171,341 shares of the bank’s stock worth $1,892,000 after acquiring an additional 7,706 shares during the period. Finally, APG Asset Management N.V. grew its holdings in First Bancorp by 89.7% during the second quarter. APG Asset Management N.V. now owns 4,106,300 shares of the bank’s stock worth $39,808,000 after acquiring an additional 1,941,200 shares during the period. 90.23% of the stock is owned by institutional investors and hedge funds.

About First Bancorp

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in 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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