First Bancorp (FBP) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a hold rating to a strong-buy rating in a report released on Thursday. The firm currently has $6.00 target price on the stock.
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. “
Separately, TheStreet upgraded shares of First Bancorp from a hold rating to a buy rating in a research note on Wednesday, August 17th.
Shares of First Bancorp (NYSE:FBP) traded up 0.77% on Thursday, reaching $5.21. 64,557 shares of the company traded hands. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 14.97 and a beta of 2.16. First Bancorp has a 1-year low of $2.06 and a 1-year high of $5.49. The company has a 50-day moving average of $4.97 and a 200-day moving average of $4.22.
First Bancorp (NYSE:FBP) last announced its earnings results on Tuesday, July 26th. The company reported $0.10 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.10. First Bancorp had a net margin of 11.37% and a return on equity of 4.42%. During the same period in the prior year, the business earned ($0.16) earnings per share. Analysts anticipate that First Bancorp will post $0.41 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. boosted its position in First Bancorp by 3.4% in the first quarter. Prudential Financial Inc. now owns 283,199 shares of the company’s stock worth $827,000 after buying an additional 9,300 shares during the last quarter. JPMorgan Chase & Co. boosted its position in First Bancorp by 2.4% in the first quarter. JPMorgan Chase & Co. now owns 2,345,149 shares of the company’s stock worth $6,848,000 after buying an additional 54,809 shares during the last quarter. Smith Asset Management Group LP purchased a new position in First Bancorp during the second quarter worth $427,000. Stilwell Value LLC boosted its position in First Bancorp by 83.5% in the first quarter. Stilwell Value LLC now owns 578,000 shares of the company’s stock worth $1,688,000 after buying an additional 263,000 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in First Bancorp by 9.5% in the second quarter. California Public Employees Retirement System now owns 996,800 shares of the company’s stock worth $3,957,000 after buying an additional 86,500 shares during the last quarter. 84.71% of the stock is owned by hedge funds and other institutional investors.
About First Bancorp
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.