First Bancorp (FBP) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $6.50 price objective on the bank’s stock.
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. “
Several other equities analysts have also recently weighed in on the stock. Bank of America decreased their target price on shares of First Bancorp from $7.00 to $6.00 and set a neutral rating for the company in a research note on Wednesday, November 8th. TheStreet cut shares of First Bancorp from a b- rating to a c rating in a research note on Tuesday, November 7th. ValuEngine cut shares of First Bancorp from a buy rating to a hold rating in a research note on Sunday, December 31st. Piper Jaffray Companies reaffirmed a buy rating and set a $7.50 price target on shares of First Bancorp in a report on Friday, November 10th. Finally, Citigroup raised First Bancorp from a neutral rating to a buy rating in a report on Thursday, December 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $6.80.
First Bancorp (NYSE:FBP) last released its earnings results on Monday, November 6th. The bank reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. The business had revenue of $141.48 million during the quarter. research analysts anticipate that First Bancorp will post 0.45 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. Quantitative Systematic Strategies LLC acquired a new stake in First Bancorp during the 4th quarter valued at $145,000. Strs Ohio lifted its holdings in First Bancorp by 8.3% during the 4th quarter. Strs Ohio now owns 172,000 shares of the bank’s stock valued at $877,000 after purchasing an additional 13,200 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in First Bancorp by 0.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 2,148,620 shares of the bank’s stock valued at $10,958,000 after purchasing an additional 18,254 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new stake in First Bancorp during the 4th quarter valued at $105,000. Finally, California Public Employees Retirement System lifted its holdings in First Bancorp by 3.0% during the 3rd 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 last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.
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About First Bancorp
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
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