First BanCorp. (NYSE:FBP) Upgraded to “Hold” by StockNews.com

Posted by on Jul 14th, 2023

First BanCorp. (NYSE:FBP – Get Free Report) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

Separately, Wells Fargo & Company dropped their target price on shares of First BanCorp. from $14.00 to $12.50 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th.

First BanCorp. Trading Up 1.1 %

Shares of NYSE:FBP opened at $13.15 on Friday. First BanCorp. has a 52 week low of $10.18 and a 52 week high of $16.40. The company’s 50 day moving average is $12.02 and its two-hundred day moving average is $12.44. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.79. The company has a market cap of $2.36 billion, a PE ratio of 8.38 and a beta of 1.12.

First BanCorp. (NYSE:FBP – Get Free Report) last announced its quarterly earnings data on Tuesday, April 25th. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. First BanCorp. had a net margin of 29.26% and a return on equity of 21.11%. The company had revenue of $274.91 million for the quarter, compared to the consensus estimate of $226.91 million. During the same period in the prior year, the firm posted $0.41 EPS. Equities analysts predict that First BanCorp. will post 1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First BanCorp.

Institutional investors have recently modified their holdings of the business. Norges Bank acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $24,221,000. State Street Corp raised its position in First BanCorp. by 8.7% during the 1st quarter. State Street Corp now owns 13,679,620 shares of the bank’s stock worth $179,477,000 after buying an additional 1,097,862 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of First BanCorp. during the first quarter worth about $10,473,000. First Trust Advisors LP raised its holdings in First BanCorp. by 389.8% during the first quarter. First Trust Advisors LP now owns 904,256 shares of the bank’s stock worth $11,864,000 after purchasing an additional 719,644 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in First BanCorp. by 2.3% in the first quarter. Vanguard Group Inc. now owns 24,643,742 shares of the bank’s stock valued at $323,327,000 after purchasing an additional 544,469 shares during the period. 91.24% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Company Profile

(Get Free Report)

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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