First BanCorp (Puerto Rico) Receives New Coverage from Analysts at Credit Suisse (FBP)
Analysts at Credit Suisse assumed coverage on shares of First BanCorp (Puerto Rico) (NYSE:FBP) in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $10.00 price target on the stock. Credit Suisse’s price target would suggest a potential upside of 48.15% from the stock’s previous close.
The analysts wrote, “We initiate coverage on First BanCorp with an Outperform rating and a $10 target price, reflecting 1.3x our adj. TBV estimate or 10x normalized EPS plus excess capital. FBP has better visibility than most banks at this stage to improve profitability with multiple levers. We find downside risk limited when conservatively assuming another bulk loan sale.”
First BanCorp (NYSE:FBP) traded up 0.30% on Friday, hitting $6.77. 397,488 shares of the company’s stock traded hands. First BanCorp has a 52 week low of $3.58 and a 52 week high of $8.70. The stock has a 50-day moving average of $7.60 and a 200-day moving average of $6.69. The company’s market cap is $1.391 billion.
First BanCorp (Puerto Rico) (NYSE:FBP) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.08 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.09 by $0.01. During the same quarter in the prior year, the company posted $0.05 earnings per share. Analysts expect that First BanCorp will post $0.26 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on FBP. Analysts at Bank of America Corp. initiated coverage on shares of First BanCorp (Puerto Rico) in a research note to investors on Friday. They set a “buy” rating and a $9.00 price target on the stock. Separately, analysts at Sandler O’Neill upgraded shares of First BanCorp (Puerto Rico) from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, August 13th. Finally, analysts at Guggenheim downgraded shares of First BanCorp (Puerto Rico) from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, July 25th.
Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $8.95.
In other First BanCorp (Puerto Rico) news, major shareholder H. Lee Advisors (Altern Thomas sold 8,000,000 shares of the company’s stock on the open market in a transaction that occured on Friday, August 16th. The shares were sold at an average price of $6.67, for a total transaction of $53,360,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
First Bancorp is a bank holding company. The Company is a service provider of financial services and products with operations in Puerto Rico, the United States and the United States and British Virgin Islands.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.