ValuEngine cut shares of First Bancorp (NYSE:FBP) from a buy rating to a hold rating in a research note published on Wednesday.
Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered First Bancorp from a buy rating to a hold rating in a research note on Wednesday, October 31st. TheStreet raised First Bancorp from a c+ rating to a b rating in a research note on Friday, October 26th. Finally, Bank of America raised First Bancorp from a neutral rating to a buy rating and boosted their price target for the company from $9.00 to $12.00 in a research note on Thursday, September 20th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $9.63.
First Bancorp stock opened at $8.71 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $1.88 billion, a P/E ratio of 17.42, a P/E/G ratio of 0.41 and a beta of 1.69. First Bancorp has a one year low of $4.84 and a one year high of $9.68.
First Bancorp (NYSE:FBP) last posted its quarterly earnings data on Thursday, October 25th. The bank reported $0.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.01. The company had revenue of $151.04 million for the quarter, compared to analyst estimates of $161.70 million. First Bancorp had a return on equity of 6.69% and a net margin of 17.75%. Equities analysts predict that First Bancorp will post 0.62 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Thursday, November 29th. First Bancorp’s dividend payout ratio (DPR) is presently 24.00%.
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its stake in First Bancorp by 16.7% in the third quarter. BlackRock Inc. now owns 31,149,581 shares of the bank’s stock valued at $283,462,000 after buying an additional 4,451,435 shares during the period. Vanguard Group Inc. lifted its stake in First Bancorp by 8.0% in the third quarter. Vanguard Group Inc. now owns 22,509,759 shares of the bank’s stock valued at $204,838,000 after buying an additional 1,676,917 shares during the period. Dimensional Fund Advisors LP lifted its stake in First Bancorp by 7.1% in the third quarter. Dimensional Fund Advisors LP now owns 18,172,238 shares of the bank’s stock valued at $165,367,000 after buying an additional 1,199,173 shares during the period. Frontier Capital Management Co. LLC lifted its stake in First Bancorp by 5.5% in the third quarter. Frontier Capital Management Co. LLC now owns 11,953,278 shares of the bank’s stock valued at $108,775,000 after buying an additional 627,478 shares during the period. Finally, FMR LLC lifted its stake in First Bancorp by 0.5% in the second quarter. FMR LLC now owns 7,858,278 shares of the bank’s stock valued at $60,116,000 after buying an additional 39,300 shares during the period. 89.34% of the stock is currently owned by hedge funds and other institutional investors.
First Bancorp Company Profile
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through 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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