First Bancorp (FBP) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of First Bancorp (NYSE:FBP) from a hold rating to a sell rating in a report released 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 equities research analysts have also issued reports on FBP. ValuEngine upgraded shares of First Bancorp from a buy rating to a strong-buy rating in a research note on Wednesday, March 7th. Piper Jaffray Companies reiterated a buy rating and issued a $8.00 price target on shares of First Bancorp in a research note on Monday, January 29th. Finally, Citigroup upgraded shares of First Bancorp from a neutral rating to a buy rating in a research note on Thursday, December 21st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $6.80.
First Bancorp (NYSE:FBP) last issued its quarterly earnings data on Monday, January 29th. The bank reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. First Bancorp had a net margin of 9.88% and a return on equity of 5.89%. The business had revenue of $137.22 million for the quarter, compared to analyst estimates of $137.80 million. During the same period last year, the business posted $0.11 earnings per share. analysts predict that First Bancorp will post 0.42 EPS for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Penbrook Management LLC bought a new position in shares of First Bancorp in the 4th quarter valued at about $609,000. Xact Kapitalforvaltning AB bought a new position in shares of First Bancorp in the 4th quarter valued at about $108,000. MetLife Investment Advisors LLC bought a new position in shares of First Bancorp in the 4th quarter valued at about $359,000. Municipal Employees Retirement System of Michigan grew its position in shares of First Bancorp by 41.8% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 96,850 shares of the bank’s stock valued at $494,000 after acquiring an additional 28,570 shares during the period. Finally, Paloma Partners Management Co grew its position in shares of First Bancorp by 87.8% in the 4th quarter. Paloma Partners Management Co now owns 100,663 shares of the bank’s stock valued at $513,000 after acquiring an additional 47,063 shares during the period. 92.49% of the stock is owned by institutional investors.
First Bancorp Company Profile
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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