First Bancorp (FBP) Receives $7.00 Consensus PT from Analysts

Shares of First Bancorp (NYSE:FBP) have been assigned an average recommendation of “Buy” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $7.00.

A number of research firms have weighed in on FBP. Zacks Investment Research raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 4th. ValuEngine raised shares of First Bancorp from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 7th. Piper Jaffray reissued a “buy” rating and set a $8.00 price objective on shares of First Bancorp in a report on Monday, January 29th. Finally, Citigroup raised shares of First Bancorp from a “neutral” rating to a “buy” rating in a report on Thursday, December 21st.

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First Bancorp stock traded up $0.26 during trading on Friday, reaching $6.69. The stock had a trading volume of 1,318,141 shares, compared to its average volume of 1,929,236. First Bancorp has a 52-week low of $4.48 and a 52-week high of $6.73. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $1,377.69, a P/E ratio of 12.74, a P/E/G ratio of 0.54 and a beta of 1.78.

First Bancorp (NYSE:FBP) last issued its quarterly earnings results on Monday, January 29th. The bank reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 previous year, the firm earned $0.11 earnings per share. research analysts anticipate that First Bancorp will post 0.42 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in FBP. Point72 Asset Management L.P. raised its holdings in First Bancorp by 194.7% during the third quarter. Point72 Asset Management L.P. now owns 5,630,900 shares of the bank’s stock worth $28,830,000 after purchasing an additional 3,720,200 shares in the last quarter. Citadel Advisors LLC increased its holdings in shares of First Bancorp by 1,366.1% in the 4th quarter. Citadel Advisors LLC now owns 1,313,306 shares of the bank’s stock valued at $6,698,000 after acquiring an additional 1,223,728 shares during the period. Two Sigma Investments LP increased its holdings in shares of First Bancorp by 63.4% in the 4th quarter. Two Sigma Investments LP now owns 2,315,195 shares of the bank’s stock valued at $11,807,000 after acquiring an additional 898,288 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of First Bancorp by 7.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock valued at $59,974,000 after acquiring an additional 860,841 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of First Bancorp by 2.9% in the 4th quarter. BlackRock Inc. now owns 23,498,884 shares of the bank’s stock valued at $119,843,000 after acquiring an additional 654,894 shares during the period. 92.48% of the stock is currently owned by institutional investors.

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About First Bancorp

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