First Bancorp (FBP) Receives $10.50 Consensus PT from Analysts

First Bancorp (NYSE:FBP) has been assigned an average rating of “Buy” from the seven research firms that are presently covering the stock, reports. Five research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $10.50.

FBP has been the subject of a number of recent analyst reports. Zacks Investment Research raised First Bancorp from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective for the company in a research report on Thursday, January 31st. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, December 12th.

Shares of FBP remained flat at $$11.51 during mid-day trading on Tuesday. The stock had a trading volume of 879,027 shares, compared to its average volume of 1,515,159. First Bancorp has a 52 week low of $5.78 and a 52 week high of $11.74. The firm has a market capitalization of $2.52 billion, a PE ratio of 18.56 and a beta of 1.55. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.01.

First Bancorp (NYSE:FBP) last released its quarterly earnings data on Tuesday, January 29th. The bank reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.04. First Bancorp had a return on equity of 7.36% and a net margin of 28.13%. The company had revenue of $158.23 million during the quarter, compared to analysts’ expectations of $158.30 million. During the same period last year, the firm posted $0.11 earnings per share. As a group, analysts forecast that First Bancorp will post 0.74 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.12 annualized dividend and a yield of 1.04%. First Bancorp’s payout ratio is currently 19.35%.

A number of large investors have recently added to or reduced their stakes in FBP. Oppenheimer Asset Management Inc. acquired a new stake in First Bancorp during the 4th quarter worth approximately $65,000. Oregon Public Employees Retirement Fund acquired a new position in First Bancorp in the 4th quarter valued at $83,000. First Citizens Bank & Trust Co. acquired a new position in First Bancorp in the 4th quarter valued at $101,000. WINTON GROUP Ltd acquired a new position in First Bancorp in the 4th quarter valued at $112,000. Finally, Cigna Investments Inc. New acquired a new position in First Bancorp in the 4th quarter valued at $115,000. 90.00% of the stock is owned by institutional investors and hedge funds.

About First Bancorp

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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