First BanCorp (FBP) Receives $7.75 Average PT from Analysts

First BanCorp (NYSE:FBP) has been given an average rating of “Hold” by the eight brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $7.75.

FBP has been the topic of a number of research reports. ValuEngine upgraded First BanCorp from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research cut First BanCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 13th. Merion Capital Group restated a “neutral” rating on shares of First BanCorp in a research report on Monday, April 30th. Finally, Citigroup raised their target price on First BanCorp from $7.00 to $9.00 and gave the company a “buy” rating in a research report on Monday, April 30th.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in First BanCorp by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,425,258 shares of the bank’s stock valued at $8,580,000 after acquiring an additional 37,310 shares during the period. Xact Kapitalforvaltning AB increased its position in First BanCorp by 55.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 32,931 shares of the bank’s stock valued at $198,000 after acquiring an additional 11,800 shares during the period. Millennium Management LLC increased its position in First BanCorp by 160.7% in the 1st quarter. Millennium Management LLC now owns 2,845,990 shares of the bank’s stock valued at $17,133,000 after acquiring an additional 1,754,333 shares during the period. Element Capital Management LLC acquired a new stake in First BanCorp in the 1st quarter valued at approximately $353,000. Finally, A.R.T. Advisors LLC acquired a new stake in First BanCorp in the 1st quarter valued at approximately $1,275,000. Hedge funds and other institutional investors own 89.22% of the company’s stock.

Shares of First BanCorp traded up $0.11, reaching $7.86, on Friday, MarketBeat.com reports. 1,802,375 shares of the company were exchanged, compared to its average volume of 1,922,180. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 15.72 and a beta of 1.77. First BanCorp has a 1-year low of $4.48 and a 1-year high of $8.10.

First BanCorp (NYSE:FBP) last announced its quarterly earnings results on Friday, April 27th. The bank reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $147.48 million for the quarter, compared to analysts’ expectations of $139.70 million. First BanCorp had a return on equity of 6.26% and a net margin of 10.74%. During the same period in the prior year, the firm earned $0.11 EPS. sell-side analysts predict that First BanCorp will post 0.57 earnings per share for the current year.

First BanCorp Company Profile

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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