First BanCorp Target of Unusually Large Options Trading (FBP)

First BanCorp (NYSE:FBP) saw some unusual options trading on Tuesday. Stock traders bought 687 call options on the stock. This is an increase of 781% compared to the average daily volume of 78 call options.

FBP has been the subject of several research reports. Citigroup lifted their target price on First BanCorp from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Monday, April 30th. Zacks Investment Research raised First BanCorp from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Tuesday, January 16th. ValuEngine raised First BanCorp from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 7th. Piper Jaffray reissued a “buy” rating and issued a $8.00 target price on shares of First BanCorp in a research note on Monday, January 29th. Finally, Merion Capital Group reissued a “neutral” rating on shares of First BanCorp in a research note on Monday, April 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.75.

First BanCorp opened at $7.76 on Wednesday, Marketbeat.com reports. First BanCorp has a 12-month low of $7.62 and a 12-month high of $7.79. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.99 and a current ratio of 1.00. The firm has a market capitalization of $1.65 billion, a PE ratio of 15.52 and a beta of 1.77.

First BanCorp (NYSE:FBP) last posted its quarterly earnings results on Friday, April 27th. The bank reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. First BanCorp had a return on equity of 6.26% and a net margin of 10.74%. The business had revenue of $147.48 million for the quarter, compared to analyst estimates of $139.70 million. During the same period last year, the company earned $0.11 EPS. analysts forecast that First BanCorp will post 0.57 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of the company. Element Capital Management LLC bought a new position in shares of First BanCorp in the 1st quarter worth $353,000. A.R.T. Advisors LLC bought a new position in shares of First BanCorp in the 1st quarter worth $1,275,000. MetLife Investment Advisors LLC boosted its position in shares of First BanCorp by 24.9% in the 1st quarter. MetLife Investment Advisors LLC now owns 87,764 shares of the bank’s stock worth $528,000 after purchasing an additional 17,469 shares during the last quarter. UBS Group AG boosted its position in shares of First BanCorp by 50.5% in the 1st quarter. UBS Group AG now owns 1,351,314 shares of the bank’s stock worth $8,135,000 after purchasing an additional 453,452 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of First BanCorp by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,425,258 shares of the bank’s stock worth $8,580,000 after purchasing an additional 37,310 shares during the last quarter. Institutional investors and hedge funds own 91.61% of the company’s stock.

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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