First Bancorp (FBP) Receives Average Recommendation of “Hold” from Analysts

Shares of First Bancorp (NYSE:FBP) have earned an average rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $7.00.

Several research firms recently weighed in on FBP. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research note on Tuesday, January 30th. Piper Jaffray Companies restated a “buy” rating and set a $8.00 target price on shares of First Bancorp in a research note on Monday, January 29th. Citigroup upgraded First Bancorp from a “neutral” rating to a “buy” rating in a research note on Thursday, December 21st. ValuEngine cut First Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, Bank of America decreased their target price on First Bancorp from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, November 8th.

First Bancorp (FBP) traded down $0.01 during mid-day trading on Friday, reaching $6.17. The company had a trading volume of 1,932,599 shares, compared to its average volume of 2,309,380. The stock has a market capitalization of $1,347.41, a PE ratio of 20.57, a price-to-earnings-growth ratio of 0.53 and a beta of 1.98. First Bancorp has a 12-month low of $4.48 and a 12-month high of $6.60. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.99 and a current ratio of 1.00.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the business. UBS Asset Management Americas Inc. lifted its stake in First Bancorp by 7.6% in the second quarter. UBS Asset Management Americas Inc. now owns 62,176 shares of the bank’s stock valued at $360,000 after buying an additional 4,402 shares during the last quarter. Amalgamated Bank increased its holdings in shares of First Bancorp by 36.3% in the second quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock valued at $130,000 after purchasing an additional 5,989 shares during the period. Alliancebernstein L.P. increased its holdings in shares of First Bancorp by 3.9% in the fourth quarter. Alliancebernstein L.P. now owns 247,000 shares of the bank’s stock valued at $1,260,000 after purchasing an additional 9,200 shares during the period. Wells Fargo & Company MN increased its holdings in shares of First Bancorp by 9.3% in the second quarter. Wells Fargo & Company MN now owns 127,095 shares of the bank’s stock valued at $735,000 after purchasing an additional 10,778 shares during the period. Finally, Great West Life Assurance Co. Can increased its holdings in shares of First Bancorp by 1.9% in the third quarter. Great West Life Assurance Co. Can now owns 652,315 shares of the bank’s stock valued at $3,351,000 after purchasing an additional 12,000 shares during the period. Institutional investors own 88.34% of the company’s stock.

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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.

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