First Bancorp (NYSE:FBP) Upgraded by Merion Capital Group to Outperform

First Bancorp (NYSE:FBP) was upgraded by equities research analysts at Merion Capital Group from a “neutral” rating to an “outperform” rating in a report issued on Thursday, July 26th. The brokerage presently has a $9.50 price objective on the bank’s stock, up from their prior price objective of $8.00. Merion Capital Group’s price target indicates a potential upside of 12.16% from the stock’s previous close.

A number of other brokerages have also recently commented on FBP. Citigroup lifted their target price on shares of First Bancorp from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Monday, April 30th. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $8.00 price target on the stock in a report on Wednesday, May 2nd. Finally, ValuEngine lowered shares of First Bancorp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $8.63.

First Bancorp opened at $8.47 on Thursday, according to MarketBeat. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 16.94 and a beta of 1.91. First Bancorp has a 1 year low of $4.48 and a 1 year high of $8.53.

First Bancorp (NYSE:FBP) last posted its quarterly earnings data on Wednesday, July 25th. The bank reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The firm had revenue of $150.94 million for the quarter, compared to analysts’ expectations of $150.60 million. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. During the same quarter last year, the company posted $0.13 EPS. research analysts forecast that First Bancorp will post 0.59 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in First Bancorp by 12.1% during the second quarter. BlackRock Inc. now owns 26,698,146 shares of the bank’s stock worth $204,240,000 after acquiring an additional 2,881,119 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in First Bancorp by 7.3% during the second quarter. Dimensional Fund Advisors LP now owns 16,973,065 shares of the bank’s stock worth $129,845,000 after acquiring an additional 1,159,712 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in First Bancorp by 12.0% during the first quarter. Frontier Capital Management Co. LLC now owns 11,679,716 shares of the bank’s stock worth $70,312,000 after acquiring an additional 1,252,794 shares in the last quarter. FMR LLC boosted its stake in First Bancorp by 0.5% during the second quarter. FMR LLC now owns 7,858,278 shares of the bank’s stock worth $60,116,000 after acquiring an additional 39,300 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in First Bancorp by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 3,578,079 shares of the bank’s stock worth $27,373,000 after buying an additional 70,341 shares during the last quarter. 88.60% of the stock is currently owned by institutional investors and hedge funds.

About First Bancorp

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through 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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Analyst Recommendations for First Bancorp (NYSE:FBP)

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