First Bancorp (FBP) Rating Lowered to Hold at ValuEngine

ValuEngine cut shares of First Bancorp (NYSE:FBP) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, ValuEngine reports.

Separately, Zacks Investment Research downgraded shares of First Bancorp from a buy rating to a hold rating in a report on Tuesday, April 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $10.88.

Shares of NYSE:FBP opened at $10.47 on Wednesday. The stock has a market capitalization of $2.32 billion, a PE ratio of 16.89, a PEG ratio of 1.03 and a beta of 1.52. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.45. First Bancorp has a fifty-two week low of $7.59 and a fifty-two week high of $11.94.

First Bancorp (NYSE:FBP) last issued its earnings results on Wednesday, April 24th. The bank reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). The firm had revenue of $162.72 million during the quarter, compared to analysts’ expectations of $163.50 million. First Bancorp had a net margin of 28.97% and a return on equity of 7.43%. During the same period in the previous year, the firm earned $0.15 EPS. On average, equities analysts predict that First Bancorp will post 0.76 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Wednesday, May 29th. First Bancorp’s payout ratio is 19.35%.

Large investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in First Bancorp by 1.5% during the fourth quarter. BlackRock Inc. now owns 31,613,378 shares of the bank’s stock worth $271,877,000 after buying an additional 463,797 shares in the last quarter. Vanguard Group Inc. boosted its holdings in First Bancorp by 8.0% during the third quarter. Vanguard Group Inc. now owns 22,509,759 shares of the bank’s stock worth $204,838,000 after buying an additional 1,676,917 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Bancorp by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,362,274 shares of the bank’s stock worth $157,915,000 after buying an additional 190,036 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in First Bancorp by 127.5% during the fourth quarter. Bank of New York Mellon Corp now owns 9,052,922 shares of the bank’s stock worth $77,855,000 after buying an additional 5,073,482 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in First Bancorp by 32.3% during the third quarter. JPMorgan Chase & Co. now owns 6,784,521 shares of the bank’s stock worth $61,740,000 after buying an additional 1,657,713 shares in the last quarter. 90.62% of the stock is currently owned by institutional investors and hedge funds.

About First Bancorp

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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