First Bancorp (NYSE:FBP) Rating Increased to Hold at ValuEngine

ValuEngine upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a report released on Wednesday, January 15th, ValuEngine reports.

Several other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of First Bancorp from a buy rating to a hold rating in a report on Tuesday, December 24th. Citigroup cut shares of First Bancorp from a buy rating to a neutral rating in a research note on Thursday, January 9th.

Shares of NYSE:FBP traded down $0.20 during midday trading on Wednesday, reaching $9.14. 1,325,585 shares of the company were exchanged, compared to its average volume of 1,442,162. The firm has a market cap of $2.03 billion, a PE ratio of 12.62, a P/E/G ratio of 0.52 and a beta of 1.57. First Bancorp has a fifty-two week low of $9.11 and a fifty-two week high of $11.94. The stock has a fifty day simple moving average of $10.19 and a two-hundred day simple moving average of $10.19. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.34.

First Bancorp (NYSE:FBP) last released its earnings results on Tuesday, January 28th. The bank reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. The business had revenue of $164.33 million during the quarter, compared to the consensus estimate of $170.70 million. First Bancorp had a net margin of 21.75% and a return on equity of 7.71%. During the same quarter last year, the firm earned $0.20 earnings per share. As a group, analysts forecast that First Bancorp will post 0.9 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the business. FMR LLC lifted its position in shares of First Bancorp by 1.1% during the 4th quarter. FMR LLC now owns 8,972,058 shares of the bank’s stock valued at $95,014,000 after acquiring an additional 99,593 shares during the period. Ontario Teachers Pension Plan Board acquired a new position in shares of First Bancorp during the 4th quarter valued at $729,000. Tower Research Capital LLC TRC lifted its position in shares of First Bancorp by 1,043.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,229 shares of the bank’s stock valued at $246,000 after acquiring an additional 21,197 shares during the period. Comerica Bank lifted its position in shares of First Bancorp by 0.6% during the 4th quarter. Comerica Bank now owns 204,923 shares of the bank’s stock valued at $1,943,000 after acquiring an additional 1,201 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. raised its holdings in First Bancorp by 34.9% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 252,092 shares of the bank’s stock worth $2,670,000 after buying an additional 65,211 shares during the last quarter. Institutional investors and hedge funds own 90.00% of the company’s stock.

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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