Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a report issued on Tuesday. The brokerage currently has $5.75 price target 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. “
A number of other brokerages also recently weighed in on FBP. ValuEngine raised shares of First Bancorp from a hold rating to a buy rating in a report on Tuesday, October 3rd. Citigroup raised shares of First Bancorp from a neutral rating to a buy rating in a report on Thursday, December 21st. Bank of America cut their price target on shares of First Bancorp from $7.00 to $6.00 and set a neutral rating for the company in a report on Wednesday, November 8th. TheStreet downgraded shares of First Bancorp from a b- rating to a c rating in a research note on Tuesday, November 7th. Finally, Piper Jaffray Companies reissued a buy rating and issued a $7.50 price objective on shares of First Bancorp in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $6.55.
A number of large investors have recently modified their holdings of FBP. Schwab Charles Investment Management Inc. lifted its stake in First Bancorp by 4.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,975,796 shares of the bank’s stock valued at $11,440,000 after purchasing an additional 80,179 shares during the last quarter. First Trust Advisors LP lifted its stake in First Bancorp by 3.9% in the 2nd quarter. First Trust Advisors LP now owns 293,208 shares of the bank’s stock valued at $1,698,000 after purchasing an additional 10,900 shares during the last quarter. Rhumbline Advisers lifted its stake in First Bancorp by 17.1% in the 2nd quarter. Rhumbline Advisers now owns 311,266 shares of the bank’s stock valued at $1,802,000 after purchasing an additional 45,430 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in First Bancorp by 55.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 49,751 shares of the bank’s stock valued at $288,000 after purchasing an additional 17,710 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in First Bancorp by 17.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,524,429 shares of the bank’s stock valued at $8,827,000 after purchasing an additional 231,860 shares during the last quarter. 90.29% of the stock is owned by institutional investors and hedge funds.
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First Bancorp Company Profile
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