First Bancorp (NYSE:FBP) Trading 15% Higher

Shares of First Bancorp (NYSE:FBP) traded up 15% during mid-day trading on Monday . The stock traded as high as $5.14 and last traded at $5.07, 2,097,320 shares were traded during trading. An increase of 3% from the average session volume of 2,034,279 shares. The stock had previously closed at $4.41.

Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. Citigroup reduced their price objective on shares of First Bancorp from $11.00 to $4.50 and set a “neutral” rating for the company in a report on Tuesday, March 24th. Finally, Zacks Investment Research upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, March 31st.

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $958.55 million, a P/E ratio of 6.67, a price-to-earnings-growth ratio of 2.23 and a beta of 1.70. The company’s fifty day simple moving average is $6.57 and its 200 day simple moving average is $9.33.

First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Tuesday, January 28th. The bank reported $0.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. First Bancorp had a net margin of 21.75% and a return on equity of 7.71%. The company had revenue of $164.33 million for the quarter, compared to the consensus estimate of $170.70 million. During the same period in the prior year, the firm posted $0.20 EPS. On average, analysts predict that First Bancorp will post 0.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 28th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend was Thursday, February 27th. First Bancorp’s payout ratio is presently 26.67%.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue boosted its holdings in shares of First Bancorp by 16.7% in the first quarter. State of Alaska Department of Revenue now owns 191,594 shares of the bank’s stock worth $1,019,000 after buying an additional 27,475 shares during the last quarter. Nuveen Asset Management LLC raised its stake in First Bancorp by 3.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,922,713 shares of the bank’s stock worth $20,361,000 after acquiring an additional 57,843 shares during the period. Norges Bank bought a new stake in First Bancorp during the 4th quarter worth approximately $33,629,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in First Bancorp during the 4th quarter worth approximately $212,000. Finally, Kennedy Capital Management Inc. raised its stake in First Bancorp by 92.1% during the 4th quarter. Kennedy Capital Management Inc. now owns 938,855 shares of the bank’s stock worth $9,942,000 after acquiring an additional 450,133 shares during the period. 92.96% of the stock is currently owned by institutional investors.

First Bancorp Company Profile (NYSE:FBP)

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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