First Bancorp (NYSE:FBP) Downgraded by Zacks Investment Research to Sell
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 brokerages have also recently weighed in on FBP. Citigroup raised their price target on First Bancorp from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. ValuEngine raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 1st.
First Bancorp (NYSE:FBP) last announced its quarterly earnings results on Thursday, April 30th. The bank reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). First Bancorp had a net margin of 16.17% and a return on equity of 5.60%. The firm had revenue of $168.85 million during the quarter, compared to analysts’ expectations of $165.14 million. During the same quarter in the prior year, the business earned $0.17 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that First Bancorp will post 0.36 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of FBP. Advisor Group Holdings Inc. acquired a new stake in shares of First Bancorp during the first quarter valued at $44,000. Guggenheim Capital LLC boosted its stake in First Bancorp by 20.2% in the 1st quarter. Guggenheim Capital LLC now owns 13,024 shares of the bank’s stock worth $70,000 after buying an additional 2,192 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First Bancorp by 23.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,369 shares of the bank’s stock worth $92,000 after buying an additional 3,351 shares during the last quarter. Navellier & Associates Inc acquired a new stake in First Bancorp in the 1st quarter worth about $101,000. Finally, PNC Financial Services Group Inc. boosted its stake in First Bancorp by 45.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,513 shares of the bank’s stock worth $104,000 after buying an additional 6,108 shares during the last quarter. 91.33% of the stock is currently owned by institutional investors and hedge funds.
First Bancorp Company Profile
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in 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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