First Bancorp (FBP) Raised to Hold at Zacks Investment Research
First Bancorp (NYSE:FBP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Several other research analysts also recently weighed in on FBP. ValuEngine downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. Bank of America cut their price target on First Bancorp from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, November 8th. TheStreet downgraded First Bancorp from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Piper Jaffray Companies reiterated a “buy” rating and set a $7.50 price target on shares of First Bancorp in a research note on Friday, November 10th. Finally, Citigroup cut their price target on First Bancorp from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Monday, November 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $6.50.
Several hedge funds have recently bought and sold shares of FBP. California Public Employees Retirement System boosted its stake in First Bancorp by 3.0% in the 3rd quarter. California Public Employees Retirement System now owns 822,399 shares of the bank’s stock worth $4,211,000 after purchasing an additional 23,999 shares during the period. Cubist Systematic Strategies LLC boosted its stake in First Bancorp by 36.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 99,787 shares of the bank’s stock worth $511,000 after purchasing an additional 26,402 shares during the period. Point72 Asset Management L.P. boosted its stake in First Bancorp by 194.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,630,900 shares of the bank’s stock worth $28,830,000 after purchasing an additional 3,720,200 shares during the period. Jacobs Asset Management LLC boosted its stake in First Bancorp by 34.7% in the 3rd quarter. Jacobs Asset Management LLC now owns 1,003,703 shares of the bank’s stock worth $5,139,000 after purchasing an additional 258,684 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in First Bancorp by 24.7% in the 3rd quarter. Allianz Asset Management GmbH now owns 901,154 shares of the bank’s stock worth $4,614,000 after purchasing an additional 178,637 shares during the period. Institutional investors own 90.29% of the company’s stock.
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First Bancorp Company Profile
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