First Bancorp (NYSE:FBP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, March 13th.
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. “
FBP has been the topic of several other reports. ValuEngine downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Piper Jaffray Companies restated a “buy” rating and set a $8.00 price target on shares of First Bancorp in a research report on Monday, January 29th. Finally, Citigroup dropped their price target on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. First Bancorp presently has a consensus rating of “Hold” and an average price target of $6.80.
Shares of First Bancorp stock opened at $6.29 on Tuesday. The stock has a market cap of $1,353.90, a price-to-earnings ratio of 20.97, a P/E/G ratio of 0.53 and a beta of 1.88. 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 has a one year low of $4.48 and a one year high of $6.49.
First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Monday, January 29th. The bank reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $137.80 million. During the same period last year, the business earned $0.11 EPS. analysts expect that First Bancorp will post 0.42 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. 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 valued at $313,000 after purchasing 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 valued at $59,974,000 after purchasing 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 valued at $4,211,000 after purchasing an additional 23,999 shares in the last quarter. Stevens Capital Management LP grew its position in First Bancorp by 235.8% during the third quarter. Stevens Capital Management LP now owns 120,672 shares of the bank’s stock valued at $618,000 after purchasing an additional 84,738 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in First Bancorp by 9.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,785,295 shares of the bank’s stock valued at $29,621,000 after purchasing an additional 517,029 shares in the last quarter. 92.48% of the stock is currently owned by institutional investors and hedge funds.
About First Bancorp
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.
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