Zacks Investment Research Upgrades First Bancorp (FBP) to “Hold”

Zacks Investment Research upgraded shares of First Bancorp (NYSE:FBP) from a sell rating to a hold rating in a report issued on Tuesday. The firm currently has $5.75 price objective on the bank’s stock.

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. “

Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of First Bancorp from a buy rating to a hold rating in a report on Wednesday, September 27th. Piper Jaffray Companies reissued a buy rating and issued a $7.50 price objective on shares of First Bancorp in a report on Friday, November 10th. TheStreet downgraded shares of First Bancorp from a b- rating to a c rating in a report on Tuesday, November 7th. Citigroup raised shares of First Bancorp from a neutral rating to a buy rating in a report on Thursday, December 21st. Finally, Bank of America cut their price objective on shares of First Bancorp from $7.00 to $6.00 and set a neutral rating for the company in a report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $6.55.

First Bancorp (FBP) traded up $0.02 during midday trading on Tuesday, reaching $5.40. 1,688,555 shares of the company’s stock were exchanged, compared to its average volume of 2,447,628. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. The company has a market cap of $1,163.02, a P/E ratio of 18.00, a P/E/G ratio of 0.92 and a beta of 1.93. First Bancorp has a 52-week low of $4.48 and a 52-week high of $7.02.

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Citizens Bank & Trust Co. bought a new stake in shares of First Bancorp during the 4th quarter worth approximately $105,000. Amalgamated Bank lifted its holdings in shares of First Bancorp by 36.3% during the 2nd quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after acquiring an additional 5,989 shares during the period. Pacad Investment Ltd. lifted its holdings in shares of First Bancorp by 63.7% during the 2nd quarter. Pacad Investment Ltd. now owns 25,700 shares of the bank’s stock worth $149,000 after acquiring an additional 10,000 shares during the period. Profund Advisors LLC lifted its holdings in shares of First Bancorp by 15.2% during the 2nd quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock worth $178,000 after acquiring an additional 4,052 shares during the period. Finally, Piedmont Investment Advisors LLC bought a new stake in shares of First Bancorp during the 2nd quarter worth approximately $199,000. 90.29% of the stock is owned by hedge funds and other institutional investors.

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