First Bancorp (NYSE:FBP) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of First Bancorp (NYSE:FBP) from a neutral rating to a buy rating in a research report sent to investors on Thursday, September 20th, Marketbeat reports. They currently have $12.00 price target on the bank’s stock, up from their previous price target of $9.00.

FBP has been the topic of a number of other research reports. Zacks Investment Research cut First Bancorp from a buy rating to a hold rating in a report on Tuesday, July 3rd. Sandler O’Neill restated a buy rating and issued a $10.00 price target on shares of First Bancorp in a report on Thursday, August 2nd. ValuEngine cut First Bancorp from a buy rating to a hold rating in a report on Tuesday, September 4th. Finally, Merion Capital Group upgraded First Bancorp from a neutral rating to an outperform rating and upped their price target for the stock from $8.00 to $9.50 in a report on Thursday, July 26th. Seven research analysts have rated the stock with a buy rating, First Bancorp has a consensus rating of Buy and an average target price of $9.63.

NYSE FBP traded down $0.30 on Thursday, hitting $8.71. 2,307,429 shares of the company’s stock were exchanged, compared to its average volume of 1,915,920. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.48. First Bancorp has a fifty-two week low of $4.48 and a fifty-two week high of $9.31. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 0.42 and a beta of 1.90.

First Bancorp (NYSE:FBP) last released its earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $150.94 million for the quarter, compared to analysts’ expectations of $150.60 million. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. During the same quarter in the previous year, the firm posted $0.13 EPS. Equities analysts forecast that First Bancorp will post 0.62 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the business. Riverhead Capital Management LLC purchased a new position in shares of First Bancorp during the 2nd quarter worth $100,000. Flinton Capital Management LLC purchased a new position in shares of First Bancorp during the 2nd quarter worth $112,000. Evergreen Capital Management LLC purchased a new position in shares of First Bancorp during the 1st quarter worth $132,000. First Citizens Bank & Trust Co. purchased a new position in shares of First Bancorp during the 2nd quarter worth $134,000. Finally, Neuburgh Advisers LLC purchased a new position in shares of First Bancorp during the 2nd quarter worth $136,000. Hedge funds and other institutional investors own 88.52% of the company’s stock.

About First Bancorp

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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Analyst Recommendations for First Bancorp (NYSE:FBP)

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