First Bancorp (FBP) Rating Increased to Strong-Buy at Zacks Investment Research
First Bancorp (NYSE:FBP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday. The firm currently has a $6.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 16.05% from the company’s previous close.
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. “
Separately, TheStreet upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, August 17th.
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First Bancorp (NYSE:FBP) traded down 2.45% during mid-day trading on Thursday, reaching $5.17. 484,406 shares of the company’s stock were exchanged. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 14.86 and a beta of 2.16. The stock has a 50-day moving average of $4.97 and a 200-day moving average of $4.22. First Bancorp has a 12 month low of $2.06 and a 12 month high of $5.49.
First Bancorp (NYSE:FBP) last announced its earnings results on Tuesday, July 26th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.10. First Bancorp had a net margin of 11.37% and a return on equity of 4.42%. During the same quarter last year, the firm posted ($0.16) EPS. Analysts anticipate that First Bancorp will post $0.41 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its stake in First Bancorp by 0.6% in the second quarter. American International Group Inc. now owns 88,223 shares of the company’s stock valued at $350,000 after buying an additional 492 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in First Bancorp by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 51,900 shares of the company’s stock valued at $206,000 after buying an additional 500 shares in the last quarter. Arizona State Retirement System raised its stake in First Bancorp by 2.2% in the second quarter. Arizona State Retirement System now owns 60,832 shares of the company’s stock valued at $242,000 after buying an additional 1,300 shares in the last quarter. Profund Advisors LLC raised its stake in First Bancorp by 5.9% in the second quarter. Profund Advisors LLC now owns 38,510 shares of the company’s stock valued at $153,000 after buying an additional 2,136 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in First Bancorp by 3.9% in the second quarter. New York State Teachers Retirement System now owns 68,836 shares of the company’s stock valued at $273,000 after buying an additional 2,600 shares in the last quarter. Institutional investors and hedge funds own 84.71% of the company’s stock.
First Bancorp Company Profile
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