First Bancorp (FBP) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $6.00 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. “

FBP has been the subject of a number of other research reports. ValuEngine cut shares of First Bancorp from a buy rating to a hold rating in a report on Sunday, December 31st. Citigroup upgraded shares of First Bancorp from a neutral rating to a buy rating in a report on Thursday, December 21st. Piper Jaffray Companies restated a buy rating and set a $7.50 price objective on shares of First Bancorp in a report on Friday, November 10th. TheStreet cut shares of First Bancorp from a b- rating to a c rating in a report on Tuesday, November 7th. Finally, Bank of America decreased their price objective 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. First Bancorp has a consensus rating of Hold and an average target price of $6.60.

First Bancorp (NYSE FBP) traded down $0.02 during trading on Tuesday, hitting $5.38. 1,265,700 shares of the stock were exchanged, compared to its average volume of 1,894,540. The company has a market cap of $1,167.34, a P/E ratio of 17.93, a P/E/G ratio of 0.92 and a beta of 1.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $7.02.

First Bancorp (NYSE:FBP) last released its quarterly earnings results on Monday, November 6th. The bank reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. First Bancorp had a net margin of 9.83% and a return on equity of 5.71%. equities research analysts anticipate that First Bancorp will post 0.25 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of First Bancorp by 0.4% in the second quarter. PNC Financial Services Group Inc. now owns 124,589 shares of the bank’s stock valued at $720,000 after purchasing an additional 437 shares during the period. Profund Advisors LLC grew its position in shares of First Bancorp by 15.2% during the 2nd quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock worth $178,000 after buying an additional 4,052 shares during the period. UBS Asset Management Americas Inc. grew its position in shares of First Bancorp by 7.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 62,176 shares of the bank’s stock worth $360,000 after buying an additional 4,402 shares during the period. Amalgamated Bank grew its position in shares of First Bancorp by 36.3% during the 2nd quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after buying an additional 5,989 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in shares of First Bancorp by 4.6% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 196,676 shares of the bank’s stock worth $1,139,000 after buying an additional 8,570 shares during the period. Institutional investors own 90.29% of the company’s stock.

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First Bancorp Company Profile

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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