First Bancorp (FBP) Receives Consensus Rating of “Buy” from Brokerages

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

Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 4th. ValuEngine raised shares of First Bancorp from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 7th. Citigroup raised shares of First Bancorp from a “neutral” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, Piper Jaffray reaffirmed a “buy” rating and set a $8.00 target price on shares of First Bancorp in a research note on Monday, January 29th.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC boosted its stake in shares of First Bancorp by 323.5% in 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 during the period. Dimensional Fund Advisors LP boosted its stake in shares of First Bancorp by 7.9% in 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 during the period. California Public Employees Retirement System boosted its stake in shares of First Bancorp by 3.0% in 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 during the period. Citadel Advisors LLC boosted its stake in shares of First Bancorp by 145.4% in the third quarter. Citadel Advisors LLC now owns 89,578 shares of the bank’s stock valued at $459,000 after purchasing an additional 53,074 shares during the period. Finally, Thrivent Financial For Lutherans boosted its stake in shares of First Bancorp by 3.4% in the fourth quarter. Thrivent Financial For Lutherans now owns 3,529,245 shares of the bank’s stock valued at $17,999,000 after purchasing an additional 115,262 shares during the period. 92.48% of the stock is owned by institutional investors and hedge funds.

First Bancorp stock traded up $0.26 during midday trading on Friday, hitting $6.69. 1,318,141 shares of the stock were exchanged, compared to its average volume of 1,929,236. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $6.73. The stock has a market cap of $1,377.69, a P/E ratio of 12.74, a PEG ratio of 0.54 and a beta of 1.78. 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 (NYSE:FBP) last released its quarterly earnings data on Monday, January 29th. The bank reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 net margin of 9.88% and a return on equity of 5.89%. During the same period last year, the business earned $0.11 earnings per share. analysts forecast that First Bancorp will post 0.42 EPS for the current year.

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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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