First Bancorp (FBP) Announces Earnings Results

First Bancorp (NYSE:FBP) released its quarterly earnings data on Monday. The bank reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.06, Briefing.com reports. The company had revenue of $137.22 million during the quarter, compared to the consensus estimate of $137.80 million. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. During the same quarter in the prior year, the firm earned $0.11 EPS.

Shares of First Bancorp (FBP) traded up $0.08 during midday trading on Wednesday, hitting $6.01. 1,784,911 shares of the stock were exchanged, compared to its average volume of 2,225,826. The firm has a market cap of $1,260.30, a P/E ratio of 11.66, a P/E/G ratio of 0.99 and a beta of 1.93. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.00 and a quick ratio of 1.03. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $6.96.

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Citizens Bank & Trust Co. acquired a new stake in shares of First Bancorp during the 4th quarter worth approximately $105,000. Amalgamated Bank increased its holdings 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 last quarter. Profund Advisors LLC increased its holdings 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 last quarter. Piedmont Investment Advisors LLC acquired a new stake in shares of First Bancorp during the 2nd quarter worth approximately $199,000. Finally, Citadel Advisors LLC acquired a new stake in shares of First Bancorp during the 2nd quarter worth approximately $211,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

A number of analysts have commented on the stock. Piper Jaffray Companies reiterated a “buy” rating and issued a $8.00 price objective on shares of First Bancorp in a report on Monday. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a report on Tuesday. Citigroup cut 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 Monday, November 20th. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, October 3rd. Finally, Bank of America cut 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. First Bancorp currently has an average rating of “Hold” and an average price target of $6.80.

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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.

Earnings History for First Bancorp (NYSE:FBP)

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