First Bancorp (NYSE:FBP) Upgraded by Zacks Investment Research to Hold

First Bancorp (NYSE:FBP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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, ValuEngine cut First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th.

Shares of NYSE:FBP traded up $0.19 during mid-day trading on Tuesday, reaching $9.78. The stock had a trading volume of 1,090,000 shares, compared to its average volume of 1,529,340. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.17 and a beta of 1.53. The stock has a 50 day moving average of $10.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.03 and a current ratio of 1.03. First Bancorp has a twelve month low of $7.91 and a twelve month high of $11.94.

First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. The firm had revenue of $164.77 million during the quarter, compared to analyst estimates of $169.10 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, equities research analysts expect that First Bancorp will post 0.74 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of First Bancorp by 1.2% in the second quarter. BlackRock Inc. now owns 31,708,675 shares of the bank’s stock valued at $350,063,000 after buying an additional 377,338 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First Bancorp by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,362,274 shares of the bank’s stock valued at $157,915,000 after buying an additional 190,036 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of First Bancorp by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 8,300,261 shares of the bank’s stock valued at $91,636,000 after buying an additional 124,729 shares in the last quarter. FMR LLC grew its stake in shares of First Bancorp by 177.3% in the first quarter. FMR LLC now owns 5,908,978 shares of the bank’s stock valued at $67,716,000 after buying an additional 3,777,700 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in shares of First Bancorp by 89.7% in the second quarter. APG Asset Management N.V. now owns 4,106,300 shares of the bank’s stock valued at $39,808,000 after buying an additional 1,941,200 shares in the last quarter. 90.23% of the stock is owned by institutional investors and hedge funds.

About First Bancorp

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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