Shares of First Bancorp (NYSE:FBP) have received an average recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $7.00.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, January 17th. ValuEngine downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Citigroup reduced their price target on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Monday, November 20th. Piper Jaffray Companies reiterated a “buy” rating and issued a $7.50 price target on shares of First Bancorp in a report on Friday, November 10th. Finally, Bank of America reduced their price target on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Citizens Bank & Trust Co. purchased a new position in shares of First Bancorp in the 4th quarter worth $105,000. Amalgamated Bank grew its stake in shares of First Bancorp by 36.3% in the 2nd quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after buying an additional 5,989 shares in the last quarter. Profund Advisors LLC grew its stake in shares of First Bancorp by 15.2% in the 2nd quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock worth $178,000 after buying an additional 4,052 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of First Bancorp in the 2nd quarter worth $199,000. Finally, Citadel Advisors LLC purchased a new position in shares of First Bancorp in the 2nd quarter worth $211,000. Institutional investors own 90.29% of the company’s stock.
First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Monday, November 6th. The bank reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. First Bancorp had a net margin of 9.83% and a return on equity of 5.71%. analysts anticipate that First Bancorp will post 0.25 earnings per share for the current fiscal year.
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About First Bancorp
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
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