First BanCorp. (FBP) Downgraded to “Sell” at BidaskClub

BidaskClub lowered shares of First BanCorp. (NYSE:FBP) from a hold rating to a sell rating in a research report report published on Thursday.

A number of other research firms also recently commented on FBP. Zacks Investment Research downgraded First BanCorp. from a buy rating to a hold rating in a research note on Thursday, May 25th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $7.50 price target on shares of First BanCorp. in a research note on Wednesday, April 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. First BanCorp. currently has an average rating of Hold and an average target price of $7.00.

Shares of First BanCorp. (FBP) traded down 1.27% during midday trading on Thursday, hitting $5.43. 325,009 shares of the company were exchanged. The company has a market capitalization of $1.16 billion, a P/E ratio of 12.63 and a beta of 2.03. First BanCorp. has a one year low of $3.59 and a one year high of $7.05. The company has a 50-day moving average of $5.61 and a 200 day moving average of $6.07.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 25th. The bank reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.01. The company had revenue of $130.79 million during the quarter, compared to analysts’ expectations of $139.80 million. First BanCorp. had a net margin of 14.82% and a return on equity of 5.31%. During the same quarter in the previous year, the business posted $0.11 earnings per share. On average, equities research analysts expect that First BanCorp. will post $0.45 earnings per share for the current fiscal year.

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In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 50,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $6.02, for a total transaction of $301,000.00. Following the completion of the transaction, the chief financial officer now owns 627,431 shares of the company’s stock, valued at $3,777,134.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nayda Rivera sold 26,081 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $6.05, for a total value of $157,790.05. Following the transaction, the executive vice president now directly owns 446,014 shares of the company’s stock, valued at approximately $2,698,384.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,081 shares of company stock valued at $611,290. Insiders own 21.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of First BanCorp. during the fourth quarter valued at approximately $2,945,000. Comerica Bank increased its position in First BanCorp. by 22.8% in the fourth quarter. Comerica Bank now owns 142,705 shares of the bank’s stock valued at $962,000 after buying an additional 26,465 shares in the last quarter. Cipher Capital LP purchased a new position in First BanCorp. during the fourth quarter valued at about $105,000. State Street Corp increased its position in First BanCorp. by 22.5% in the fourth quarter. State Street Corp now owns 3,451,766 shares of the bank’s stock valued at $22,819,000 after buying an additional 634,395 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in First BanCorp. by 19.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,628,429 shares of the bank’s stock valued at $50,425,000 after buying an additional 1,233,208 shares in the last quarter. 85.33% of the stock is owned by hedge funds and other institutional investors.

About First BanCorp.

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