First Bancorp (NYSE:FBP) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of First Bancorp (NYSE:FBP) from a hold rating to a sell rating in a research report report published on Monday morning, Zacks.com reports.

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. “

Separately, ValuEngine cut shares of First Bancorp from a buy rating to a hold rating in a report on Wednesday, May 15th.

Shares of First Bancorp stock opened at $9.66 on Monday. The company has a fifty day simple moving average of $10.43 and a 200-day simple moving average of $10.80. First Bancorp has a 12-month low of $7.91 and a 12-month high of $11.94. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.44. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.14 and a beta of 1.53.

First Bancorp (NYSE:FBP) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. The company had revenue of $164.77 million during the quarter, compared to analyst estimates of $169.10 million. During the same quarter in the previous year, the company posted $0.14 EPS. On average, analysts forecast that First Bancorp will post 0.74 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Wednesday, August 28th. First Bancorp’s payout ratio is 19.35%.

Several institutional investors have recently modified their holdings of the company. Phocas Financial Corp. purchased a new position in shares of First Bancorp in the 2nd quarter valued at about $4,369,000. United Services Automobile Association increased its holdings in shares of First Bancorp by 6.0% in the 2nd quarter. United Services Automobile Association now owns 57,103 shares of the bank’s stock valued at $630,000 after purchasing an additional 3,239 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of First Bancorp in the 2nd quarter valued at about $20,339,000. Price T Rowe Associates Inc. MD increased its holdings in shares of First Bancorp by 8.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 119,988 shares of the bank’s stock valued at $1,325,000 after purchasing an additional 9,190 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of First Bancorp by 18.0% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 218,047 shares of the bank’s stock valued at $2,407,000 after purchasing an additional 33,204 shares in the last quarter. Institutional investors and hedge funds own 92.61% of the company’s stock.

First Bancorp Company Profile

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.

Further Reading: Cost of Capital Explained

Get a free copy of the Zacks research report on First Bancorp (FBP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.