Trading Report: Today, First Bancorp (FBP) Raised to “Strong-Buy” at Zacks Investment Research

Today, First Bancorp (FBP) Raised to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a hold rating to a strong-buy rating in a research report report published on Thursday. They currently have $6.00 target price on the stock.

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. “

Separately, TheStreet upgraded First Bancorp from a hold rating to a buy rating in a research note on Wednesday, August 17th.

Shares of First Bancorp (NYSE:FBP) opened at 5.16 on Thursday. The company’s 50-day moving average price is $4.99 and its 200 day moving average price is $4.28. First Bancorp has a 1-year low of $2.06 and a 1-year high of $5.49. The stock has a market cap of $1.10 billion, a PE ratio of 14.83 and a beta of 2.15.

First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.10 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.10. First Bancorp had a return on equity of 4.42% and a net margin of 11.37%. During the same quarter last year, the firm earned ($0.16) earnings per share. Equities analysts forecast that First Bancorp will post $0.41 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in First Bancorp by 64.2% in the second quarter. JPMorgan Chase & Co. now owns 3,850,873 shares of the company’s stock worth $15,287,000 after buying an additional 1,505,724 shares during the period. Emerald Acquisition Ltd. bought a new stake in First Bancorp during the second quarter worth about $4,215,000. Vanguard Group Inc. raised its stake in First Bancorp by 9.9% in the second quarter. Vanguard Group Inc. now owns 9,838,294 shares of the company’s stock worth $39,058,000 after buying an additional 886,154 shares during the period. Stilwell Value LLC raised its stake in First Bancorp by 134.6% in the second quarter. Stilwell Value LLC now owns 1,356,125 shares of the company’s stock worth $5,384,000 after buying an additional 778,125 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in First Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 5,804,537 shares of the company’s stock worth $23,043,000 after buying an additional 656,265 shares during the period. Institutional investors and hedge funds own 84.70% of the company’s stock.

About First Bancorp

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