Shares of First Bancorp (NYSE:FBP) have been assigned a consensus rating of “Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $7.00.
FBP has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a report on Tuesday, January 16th. Piper Jaffray Companies reiterated a “buy” rating and issued a $8.00 price objective on shares of First Bancorp in a report on Monday, January 29th. ValuEngine cut First Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Finally, Citigroup upgraded First Bancorp from a “neutral” rating to a “buy” rating in a report on Thursday, December 21st.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its holdings in First Bancorp by 323.5% in the third quarter. SG Americas Securities LLC now owns 61,116 shares of the bank’s stock valued at $313,000 after acquiring an additional 46,685 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in First Bancorp by 7.9% during the third quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock worth $59,974,000 after purchasing an additional 860,841 shares in the last quarter. California Public Employees Retirement System lifted its stake in First Bancorp by 3.0% during the third 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 in the last quarter. Stevens Capital Management LP lifted its stake in First Bancorp by 235.8% during the third quarter. Stevens Capital Management LP now owns 120,672 shares of the bank’s stock worth $618,000 after purchasing an additional 84,738 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its stake in First Bancorp by 9.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,785,295 shares of the bank’s stock worth $29,621,000 after purchasing an additional 517,029 shares in the last quarter. Hedge funds and other institutional investors own 92.49% of the company’s stock.
First Bancorp (NYSE:FBP) last posted its quarterly earnings results on Monday, January 29th. The bank reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The business had revenue of $137.22 million during the quarter, compared to analyst estimates of $137.80 million. First Bancorp had a return on equity of 5.89% and a net margin of 9.88%. During the same period in the prior year, the business earned $0.11 earnings per share. sell-side analysts predict that First Bancorp will post 0.42 EPS 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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