Zacks: Analysts Expect First Bancorp (FBP) Will Announce Earnings of $0.08 Per Share

Wall Street brokerages predict that First Bancorp (NYSE:FBP) will report earnings of $0.08 per share for the current fiscal quarter, Zacks reports. Zero analysts have provided estimates for First Bancorp’s earnings, with estimates ranging from $0.07 to $0.09. First Bancorp posted earnings per share of $0.11 in the same quarter last year, which would indicate a negative year-over-year growth rate of 27.3%. The company is expected to report its next quarterly earnings results on Tuesday, April 24th.

According to Zacks, analysts expect that First Bancorp will report full year earnings of $0.42 per share for the current fiscal year, with EPS estimates ranging from $0.40 to $0.43. For the next financial year, analysts forecast that the firm will report earnings of $0.53 per share, with EPS estimates ranging from $0.50 to $0.55. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for First Bancorp.

First Bancorp (NYSE:FBP) last posted its quarterly earnings data on Monday, January 29th. The bank reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.06. The company had revenue of $137.22 million during the quarter, compared to the consensus estimate of $137.80 million. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. During the same quarter in the prior year, the company posted $0.11 EPS.

FBP has been the subject of a number of research analyst reports. Bank of America dropped their target price on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, November 8th. TheStreet cut First Bancorp from a “b-” rating to a “c” rating in a report on Tuesday, November 7th. Zacks Investment Research cut First Bancorp from a “hold” rating to a “sell” rating in a report on Friday, November 10th. Piper Jaffray Companies restated a “buy” rating and issued a $7.50 price target on shares of First Bancorp in a report on Friday, November 10th. Finally, Citigroup decreased their price target on First Bancorp from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Monday, November 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $6.80.

First Bancorp (FBP) traded down $0.04 on Tuesday, reaching $5.75. 498,681 shares of the company were exchanged, compared to its average volume of 2,281,672. The firm has a market cap of $1,250.00, a P/E ratio of 19.17, a PEG ratio of 0.50 and a beta of 1.98. First Bancorp has a 12-month low of $4.48 and a 12-month high of $6.70. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.99 and a current ratio of 1.00.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Citizens Bank & Trust Co. purchased a new position in First Bancorp in the 4th quarter worth approximately $105,000. CIBC Asset Management Inc purchased a new position in First Bancorp in the 4th quarter worth approximately $124,000. Amalgamated Bank boosted its holdings in 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 acquiring an additional 5,989 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in First Bancorp in the 4th quarter worth approximately $145,000. Finally, Profund Advisors LLC boosted its holdings in 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 acquiring an additional 4,052 shares during the period. Hedge funds and other institutional investors own 89.14% of the company’s stock.

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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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