Zacks Investment Research lowered shares of First BanCorp. (NYSE:FBP) from a hold rating to a sell rating in a report released on Friday morning.

According to Zacks, “First Bancorp distinguished itself by providing innovative marketing strategies and novel products to attract clients. Besides the branches and lending offices, the Corporation has offered a telephone information service called Telebanco since 1983. This was the first telebanking service offered in Puerto Rico. The Corporation’s clients have access to an extensive ATM network all over the world. The Corporation was the first in Puerto Rico to open on weekends and the first to offer in-store branches to its clients. “

Other equities analysts have also recently issued research reports about the company. ValuEngine raised First BanCorp. from a hold rating to a buy rating in a report on Tuesday, October 3rd. TheStreet cut First BanCorp. from a b- rating to a c rating in a report on Tuesday, November 7th. Bank of America Corporation reduced their price target on First BanCorp. from $7.00 to $6.00 and set a neutral rating for the company in a report on Wednesday, November 8th. Finally, BidaskClub cut First BanCorp. from a hold rating to a sell rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $6.70.

First BanCorp. (FBP) opened at $4.70 on Friday. The stock has a market capitalization of $1,031.16, a PE ratio of 9.94, a PEG ratio of 1.75 and a beta of 1.96. First BanCorp. has a fifty-two week low of $4.61 and a fifty-two week high of $7.05. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62.

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Several institutional investors have recently made changes to their positions in FBP. UBS Asset Management Americas Inc. raised its holdings in shares of First BanCorp. by 22.1% during the first quarter. UBS Asset Management Americas Inc. now owns 57,774 shares of the bank’s stock valued at $326,000 after acquiring an additional 10,474 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of First BanCorp. by 94.6% during the first quarter. OppenheimerFunds Inc. now owns 88,129 shares of the bank’s stock valued at $498,000 after acquiring an additional 42,851 shares during the last quarter. Teachers Advisors LLC raised its holdings in shares of First BanCorp. by 14.9% during the first quarter. Teachers Advisors LLC now owns 661,650 shares of the bank’s stock valued at $3,738,000 after acquiring an additional 85,934 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of First BanCorp. by 30.1% during the first quarter. TIAA CREF Investment Management LLC now owns 1,186,302 shares of the bank’s stock valued at $6,703,000 after acquiring an additional 274,346 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its holdings in shares of First BanCorp. by 24.5% during the first quarter. Thrivent Financial For Lutherans now owns 90,253 shares of the bank’s stock valued at $510,000 after acquiring an additional 17,750 shares during the last quarter. 87.41% of the stock is owned by institutional investors and hedge funds.

About First BanCorp.

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