First Bancorp (NYSE:FBP) Upgraded at ValuEngine

ValuEngine upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a research report sent to investors on Wednesday, ValuEngine reports.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of First Bancorp from a buy rating to a hold rating in a report on Tuesday, December 24th. Citigroup lowered shares of First Bancorp from a buy rating to a neutral rating in a report on Thursday, January 9th.

NYSE:FBP traded up $0.18 on Wednesday, reaching $10.47. The stock had a trading volume of 41,471 shares, compared to its average volume of 1,094,190. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 0.61 and a beta of 1.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.05 and a quick ratio of 1.04. The firm’s fifty day moving average is $10.53 and its two-hundred day moving average is $10.32. First Bancorp has a 12-month low of $9.14 and a 12-month high of $11.94.

First Bancorp (NYSE:FBP) last released its earnings results on Tuesday, October 22nd. The bank reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. The company had revenue of $165.83 million for the quarter, compared to analyst estimates of $171.90 million. First Bancorp had a net margin of 30.46% and a return on equity of 7.93%. During the same period in the prior year, the firm earned $0.16 EPS. As a group, research analysts forecast that First Bancorp will post 0.75 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of FBP. Millennium Management LLC boosted its holdings in First Bancorp by 34,175.3% in the 3rd quarter. Millennium Management LLC now owns 4,394,091 shares of the bank’s stock worth $43,853,000 after acquiring an additional 4,381,271 shares during the period. Point72 Asset Management L.P. boosted its position in shares of First Bancorp by 482.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,337,906 shares of the bank’s stock valued at $25,810,000 after purchasing an additional 1,936,181 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at $20,339,000. Philadelphia Financial Management of San Francisco LLC boosted its position in shares of First Bancorp by 16,987.6% in the 3rd quarter. Philadelphia Financial Management of San Francisco LLC now owns 854,381 shares of the bank’s stock valued at $8,527,000 after purchasing an additional 849,381 shares during the period. Finally, Morgan Stanley boosted its position in shares of First Bancorp by 292.1% in the 2nd quarter. Morgan Stanley now owns 987,367 shares of the bank’s stock valued at $10,901,000 after purchasing an additional 735,578 shares during the period. 89.93% of the stock is owned by institutional investors.

First Bancorp Company Profile

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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