First BanCorp. (FBP) Lowered to Hold at Zacks Investment Research

First BanCorp. (NYSE:FBP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “First Bancorp distinguished itself by providing innovative marketing strategies and novel products to attract clients. Besides the branches and lending offices, the Corporation has offered a telephone information service called Telebanco since 1983. This was the first telebanking service offered in Puerto Rico. The Corporation’s clients have access to an extensive ATM network all over the world. The Corporation was the first in Puerto Rico to open on weekends and the first to offer in-store branches to its clients. “

A number of other analysts also recently weighed in on FBP. Keefe, Bruyette & Woods restated a “buy” rating and issued a $7.50 price target on shares of First BanCorp. in a research note on Wednesday, April 5th. BidaskClub upgraded First BanCorp. from a “sell” rating to a “hold” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. First BanCorp. has an average rating of “Hold” and an average target price of $6.83.

Shares of First BanCorp. (FBP) traded up 0.70% on Friday, hitting $5.75. The stock had a trading volume of 1,810,533 shares. The stock has a market cap of $1.23 billion, a P/E ratio of 13.37 and a beta of 2.03. First BanCorp. has a 12 month low of $3.59 and a 12 month high of $7.05. The firm has a 50 day moving average of $5.62 and a 200 day moving average of $6.08.

First BanCorp. (NYSE:FBP) last released 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 business had revenue of $130.79 million for the quarter, compared to analyst estimates of $139.80 million. First BanCorp. had a return on equity of 5.31% and a net margin of 14.82%. During the same quarter in the previous year, the company posted $0.11 earnings per share. On average, equities analysts forecast that First BanCorp. will post $0.45 earnings per share for the current fiscal year.

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In related news, CFO Gonzalez Orlando Berges sold 50,000 shares of First BanCorp. stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $6.02, for a total value of $301,000.00. Following the sale, the chief financial officer now directly owns 627,431 shares in the company, valued at $3,777,134.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nayda Rivera sold 26,081 shares of First BanCorp. stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $6.05, for a total value of $157,790.05. Following the completion of the sale, the executive vice president now owns 446,014 shares in the company, valued at $2,698,384.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,081 shares of company stock worth $611,290. Company insiders own 21.10% of the company’s stock.

Several hedge funds have recently bought and sold shares of FBP. Cipher Capital LP acquired a new stake in First BanCorp. during the fourth quarter worth $105,000. Wetherby Asset Management Inc. acquired a new stake in First BanCorp. during the first quarter worth $104,000. Capstone Investment Advisors LLC increased its stake in First BanCorp. by 10.5% in the fourth quarter. Capstone Investment Advisors LLC now owns 18,714 shares of the bank’s stock worth $123,000 after buying an additional 1,774 shares during the period. Everence Capital Management Inc. acquired a new stake in First BanCorp. during the first quarter worth $107,000. Finally, Brandes Investment Partners LP increased its stake in First BanCorp. by 25.0% in the first quarter. Brandes Investment Partners LP now owns 19,506 shares of the bank’s stock worth $110,000 after buying an additional 3,902 shares during the period. Hedge funds and other institutional investors own 85.33% of the company’s stock.

First BanCorp. Company Profile

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