First Bancorp (FBP) Lifted to Buy at Citigroup

Citigroup upgraded shares of First Bancorp (NYSE:FBP) from a neutral rating to a buy rating in a research note released on Thursday morning, Marketbeat.com reports.

A number of other analysts have also weighed in on FBP. ValuEngine lowered shares of First Bancorp from a buy rating to a hold rating in a research note on Wednesday, September 27th. Zacks Investment Research lowered shares of First Bancorp from a buy rating to a hold rating in a research note on Monday, October 2nd. Bank of America cut their price objective on shares of First Bancorp from $7.00 to $6.00 and set a neutral rating on the stock in a research note on Wednesday, November 8th. TheStreet lowered shares of First Bancorp from a b- rating to a c rating in a research note on Tuesday, November 7th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $7.50 price objective on shares of First Bancorp in a research note on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. First Bancorp presently has an average rating of Hold and a consensus target price of $6.50.

Shares of First Bancorp (NYSE FBP) opened at $5.27 on Thursday. The firm has a market cap of $1,120.00, a price-to-earnings ratio of 17.57, a PEG ratio of 2.88 and a beta of 1.92. First Bancorp has a 52 week low of $4.48 and a 52 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.

Hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank grew its position in First Bancorp by 36.3% during the second quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock valued at $130,000 after buying an additional 5,989 shares during the period. Bank of Montreal Can grew its position in First Bancorp by 21.5% during the second quarter. Bank of Montreal Can now owns 24,092 shares of the bank’s stock valued at $139,000 after buying an additional 4,256 shares during the period. Pacad Investment Ltd. grew its position in First Bancorp by 63.7% during the second quarter. Pacad Investment Ltd. now owns 25,700 shares of the bank’s stock valued at $149,000 after buying an additional 10,000 shares during the period. Profund Advisors LLC grew its position in First Bancorp by 15.2% during the second quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock valued at $178,000 after buying an additional 4,052 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in First Bancorp during the second quarter valued at $199,000. Institutional investors own 90.29% of the company’s stock.

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First Bancorp Company Profile

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