First BanCorp. (FBP) Price Target Cut to $6.00

First BanCorp. (NYSE:FBP) had its price target dropped by equities research analysts at Citigroup Inc. from $7.00 to $6.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “neutral” rating on the bank’s stock. Citigroup Inc.’s target price points to a potential upside of 20.97% from the stock’s current price.

A number of other research firms have also recently commented on FBP. ValuEngine upgraded shares of First BanCorp. from a “hold” rating to a “buy” rating in a research note on Tuesday, October 3rd. Zacks Investment Research cut shares of First BanCorp. from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Bank of America Corporation lowered their target price on shares of First BanCorp. from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, November 8th. TheStreet cut shares of First BanCorp. from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Finally, BidaskClub cut shares of First BanCorp. from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $6.50.

Shares of First BanCorp. (NYSE FBP) opened at $4.96 on Monday. The company has a market cap of $1,044.13, a P/E ratio of 10.06, a P/E/G ratio of 2.60 and a beta of 1.96. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.03 and a quick ratio of 1.03. First BanCorp. has a 12 month low of $4.48 and a 12 month high of $7.05.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in First BanCorp. by 9.8% during the 2nd quarter. BlackRock Inc. now owns 19,334,736 shares of the bank’s stock valued at $111,947,000 after acquiring an additional 1,721,947 shares during the period. Vanguard Group Inc. lifted its stake in First BanCorp. by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 15,613,136 shares of the bank’s stock valued at $90,400,000 after acquiring an additional 1,027,469 shares during the period. Dimensional Fund Advisors LP lifted its stake in First BanCorp. by 7.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 11,713,522 shares of the bank’s stock valued at $59,974,000 after acquiring an additional 860,841 shares during the period. Frontier Capital Management Co. LLC lifted its stake in First BanCorp. by 11.4% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 10,598,957 shares of the bank’s stock valued at $54,267,000 after acquiring an additional 1,083,233 shares during the period. Finally, FMR LLC lifted its stake in First BanCorp. by 10.0% during the 2nd quarter. FMR LLC now owns 7,918,617 shares of the bank’s stock valued at $45,849,000 after acquiring an additional 718,217 shares during the period. Institutional investors and hedge funds own 89.20% of the company’s stock.

About First BanCorp.

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