First BanCorp. (FBP) Downgraded by BidaskClub
First BanCorp. (NYSE:FBP) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
Several other research firms have also commented on FBP. Zacks Investment Research upgraded shares of First BanCorp. from a “hold” rating to a “buy” rating and set a $6.75 price target on the stock in a report on Thursday, April 27th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $7.50 price target on shares of First BanCorp. in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $7.00.
Shares of First BanCorp. (NYSE:FBP) traded down 0.18% on Thursday, hitting $5.49. 5,591,128 shares of the company were exchanged. First BanCorp. has a 52-week low of $3.59 and a 52-week high of $7.05. The firm has a market cap of $1.17 billion, a P/E ratio of 12.77 and a beta of 2.03. The company has a 50-day moving average price of $5.61 and a 200 day moving average price of $6.07.
First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.01. First BanCorp. had a net margin of 14.82% and a return on equity of 5.31%. The firm had revenue of $130.79 million for the quarter, compared to analyst estimates of $139.80 million. During the same quarter last year, the firm posted $0.11 earnings per share. Analysts predict that First BanCorp. will post $0.45 EPS for the current fiscal year.
In other news, CFO Gonzalez Orlando Berges sold 50,000 shares of First BanCorp. stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $6.02, for a total transaction of $301,000.00. Following the sale, the chief financial officer now owns 627,431 shares in the company, valued at $3,777,134.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nayda Rivera sold 26,081 shares of First BanCorp. stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $6.05, for a total transaction of $157,790.05. Following the sale, the executive vice president now owns 446,014 shares in the company, valued at approximately $2,698,384.70. The disclosure for this sale can be found here. Insiders have sold 101,081 shares of company stock worth $611,290 in the last quarter. Insiders own 21.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Wetherby Asset Management Inc. purchased a new stake in First BanCorp. during the first quarter worth about $104,000. Cipher Capital LP purchased a new stake in First BanCorp. during the fourth quarter worth about $105,000. Everence Capital Management Inc. purchased a new stake in First BanCorp. during the first quarter worth about $107,000. Brandes Investment Partners LP raised its stake in First BanCorp. by 25.0% in the first quarter. Brandes Investment Partners LP now owns 19,506 shares of the bank’s stock worth $110,000 after buying an additional 3,902 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in First BanCorp. by 1.6% in the first quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock worth $112,000 after buying an additional 316 shares in the last quarter. Institutional investors own 85.33% of the company’s stock.
About First BanCorp.
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