Sandler O’Neill Reaffirms Buy Rating for First Bancorp (FBP)

Sandler O’Neill reissued their buy rating on shares of First Bancorp (NYSE:FBP) in a research note published on Thursday, August 2nd. The firm currently has a $10.00 price objective on the bank’s stock.

Other analysts have also issued research reports about the company. Zacks Investment Research lowered First Bancorp from a buy rating to a hold rating in a research note on Tuesday, July 3rd. Merion Capital Group reiterated a neutral rating on shares of First Bancorp in a research note on Monday, April 30th. ValuEngine upgraded First Bancorp from a buy rating to a strong-buy rating in a research note on Tuesday, April 24th. Finally, Citigroup increased their target price on First Bancorp from $7.00 to $9.00 and gave the stock a buy rating in a research note on Monday, April 30th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $8.63.

First Bancorp traded up $0.03, reaching $8.47, on Thursday, MarketBeat Ratings reports. The company’s stock had a trading volume of 1,017,679 shares, compared to its average volume of 1,585,949. First Bancorp has a 1-year low of $4.48 and a 1-year high of $8.53. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 16.94 and a beta of 1.91.

First Bancorp (NYSE:FBP) last posted its quarterly earnings data on Wednesday, July 25th. The bank reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. The company had revenue of $150.94 million during the quarter, compared to analysts’ expectations of $150.60 million. During the same period in the prior year, the firm earned $0.13 earnings per share. sell-side analysts forecast that First Bancorp will post 0.59 earnings per share for the current year.

A number of large investors have recently modified their holdings of FBP. BlackRock Inc. increased its position in First Bancorp by 12.1% in the 2nd quarter. BlackRock Inc. now owns 26,698,146 shares of the bank’s stock valued at $204,240,000 after buying an additional 2,881,119 shares in the last quarter. Dimensional Fund Advisors LP increased its position in First Bancorp by 7.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,973,065 shares of the bank’s stock valued at $129,845,000 after buying an additional 1,159,712 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in First Bancorp by 12.0% in the 1st quarter. Frontier Capital Management Co. LLC now owns 11,679,716 shares of the bank’s stock valued at $70,312,000 after buying an additional 1,252,794 shares in the last quarter. FMR LLC increased its position in First Bancorp by 0.5% in the 2nd 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 in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in First Bancorp by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,578,079 shares of the bank’s stock valued at $27,373,000 after purchasing an additional 70,341 shares during the last quarter. 88.60% of the stock is currently owned by institutional investors and hedge funds.

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.

Read More: What are CEFs?

Analyst Recommendations for First Bancorp (NYSE:FBP)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply