Several other equities analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of First Bancorp from a buy rating to a hold rating in a research note on Friday, October 13th. TheStreet cut shares of First Bancorp from a b- rating to a c rating in a research report on Tuesday, November 7th. ValuEngine cut shares of First Bancorp from a buy rating to a hold rating in a research report on Sunday, December 31st. Bank of America reduced their price target 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. Finally, Citigroup reduced their price target on shares of First Bancorp from $7.00 to $6.00 and set a neutral rating for the company in a report on Monday, November 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $6.80.
First Bancorp (FBP) opened at $6.23 on Monday. First Bancorp has a 52-week low of $4.48 and a 52-week high of $6.63. The stock has a market cap of $1,350.00, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 0.51 and a beta of 1.98. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.50.
First Bancorp (NYSE:FBP) last issued its quarterly earnings results on Monday, January 29th. The bank reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.06. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. The company had revenue of $137.22 million during the quarter, compared to the consensus estimate of $137.80 million. During the same quarter in the prior year, the firm posted $0.11 EPS. sell-side analysts expect that First Bancorp will post 0.42 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the business. First Citizens Bank & Trust Co. purchased a new position in shares of First Bancorp in the fourth quarter worth about $105,000. Delpha Capital Management LLC purchased a new position in shares of First Bancorp in the fourth quarter worth about $121,000. CIBC Asset Management Inc purchased a new position in shares of First Bancorp in the fourth quarter worth about $124,000. Amalgamated Bank increased its stake in shares of First Bancorp by 36.3% in the second quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after purchasing an additional 5,989 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of First Bancorp in the fourth quarter worth about $145,000. 89.14% of the stock is currently owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION WARNING: “First Bancorp (NYSE:FBP) Given Buy Rating at Piper Jaffray Companies” was first posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another site, it was copied illegally and reposted in violation of United States & international trademark and copyright law. The correct version of this article can be read at https://ledgergazette.com/2018/02/17/first-bancorp-fbp-stock-rating-reaffirmed-by-piper-jaffray-companies.html.
First Bancorp Company Profile
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.