First Bancorp (NYSE:FBP) Lifted to Hold at Zacks Investment Research
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 equities research analysts have also commented on the company. Citigroup raised their price target on First Bancorp from $6.00 to $7.00 and gave the stock 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 report on Friday, May 1st.
First Bancorp (NYSE:FBP) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.03. The company had revenue of $156.10 million for the quarter, compared to analyst estimates of $156.97 million. First Bancorp had a return on equity of 4.67% and a net margin of 13.71%. First Bancorp’s revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. Equities research analysts predict that First Bancorp will post 0.41 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its stake in First Bancorp by 3.7% in the first quarter. State Street Corp now owns 8,622,910 shares of the bank’s stock valued at $45,874,000 after acquiring an additional 310,462 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in First Bancorp by 4.4% in the second quarter. Frontier Capital Management Co. LLC now owns 7,881,700 shares of the bank’s stock valued at $44,059,000 after acquiring an additional 334,413 shares during the last quarter. Wellington Management Group LLP lifted its stake in First Bancorp by 14.8% in the first quarter. Wellington Management Group LLP now owns 4,941,115 shares of the bank’s stock valued at $26,287,000 after acquiring an additional 638,106 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in First Bancorp by 39.2% in the first quarter. Alyeska Investment Group L.P. now owns 3,772,978 shares of the bank’s stock valued at $20,072,000 after acquiring an additional 1,061,900 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in First Bancorp by 7.3% in the first quarter. Geode Capital Management LLC now owns 3,543,363 shares of the bank’s stock valued at $18,850,000 after acquiring an additional 239,547 shares during the last quarter. Institutional investors and hedge funds own 91.27% of the company’s stock.
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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