First BanCorp. (FBP) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of First BanCorp. (NYSE:FBP) from a hold rating to a sell rating in a research report sent to investors on Friday.

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. “

A number of other research analysts have also recently weighed in on FBP. BidaskClub cut shares of First BanCorp. from a sell rating to a strong sell rating in a report on Thursday, July 27th. Bank of America Corporation cut their price objective on shares of First BanCorp. from $7.00 to $6.00 and set a neutral rating for the company in a report on Wednesday, November 8th. TheStreet cut shares of First BanCorp. from a b- rating to a c rating in a report on Tuesday, November 7th. Finally, ValuEngine raised shares of First BanCorp. from a hold rating to a buy rating in a report on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $6.70.

First BanCorp. (NYSE FBP) opened at $4.77 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62. First BanCorp. has a fifty-two week low of $4.61 and a fifty-two week high of $7.05. The stock has a market cap of $1,031.16, a price-to-earnings ratio of 9.94, a P/E/G ratio of 1.75 and a beta of 1.96.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBP. UBS Asset Management Americas Inc. increased its holdings in First BanCorp. by 22.1% in the first quarter. UBS Asset Management Americas Inc. now owns 57,774 shares of the bank’s stock valued at $326,000 after buying an additional 10,474 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of First BanCorp. by 94.6% during the first quarter. OppenheimerFunds Inc. now owns 88,129 shares of the bank’s stock worth $498,000 after purchasing an additional 42,851 shares in the last quarter. Teachers Advisors LLC increased its stake in shares of First BanCorp. by 14.9% during the first quarter. Teachers Advisors LLC now owns 661,650 shares of the bank’s stock worth $3,738,000 after purchasing an additional 85,934 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of First BanCorp. by 30.1% during the first quarter. TIAA CREF Investment Management LLC now owns 1,186,302 shares of the bank’s stock worth $6,703,000 after purchasing an additional 274,346 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its stake in shares of First BanCorp. by 24.5% during the first quarter. Thrivent Financial For Lutherans now owns 90,253 shares of the bank’s stock worth $510,000 after purchasing an additional 17,750 shares in the last quarter. 87.41% of the stock is owned by institutional investors.

About First BanCorp.

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