First Bancorp (NYSE:FBP) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a report published on Tuesday, Zacks.com reports.

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, ValuEngine cut shares of First Bancorp from a buy rating to a hold rating in a research note on Wednesday, May 15th.

Shares of NYSE FBP opened at $9.78 on Tuesday. The firm has a market cap of $2.14 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.17 and a beta of 1.53. First Bancorp has a 12 month low of $7.91 and a 12 month high of $11.94. The stock’s 50 day moving average price is $10.64. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.44.

First Bancorp (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The firm had revenue of $164.77 million for the quarter, compared to analyst estimates of $169.10 million. First Bancorp had a return on equity of 7.73% and a net margin of 29.83%. During the same period in the previous year, the business earned $0.14 EPS. On average, equities analysts forecast that First Bancorp will post 0.74 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.23%. First Bancorp’s payout ratio is 19.35%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Toronto Dominion Bank acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $40,000. Brandywine Oak Private Wealth LLC acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $116,000. First Republic Investment Management Inc. acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $119,000. Stevens Capital Management LP acquired a new stake in First Bancorp in the 2nd quarter valued at $136,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in First Bancorp in the 1st quarter valued at $156,000. 90.23% 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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