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 lowered shares of First Bancorp from a hold rating to a sell rating in a research report on Tuesday, September 10th.
First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). The company had revenue of $164.77 million for the quarter, compared to analyst estimates of $169.10 million. First Bancorp had a net margin of 29.83% and a return on equity of 7.73%. During the same period in the prior year, the company posted $0.14 EPS. On average, equities research analysts predict that First Bancorp will post 0.74 EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in First Bancorp by 1.2% in the second quarter. BlackRock Inc. now owns 31,708,675 shares of the bank’s stock valued at $350,063,000 after acquiring an additional 377,338 shares during the period. Bank of New York Mellon Corp increased its stake in First Bancorp by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 8,300,261 shares of the bank’s stock valued at $91,636,000 after acquiring an additional 124,729 shares during the period. FMR LLC increased its stake in First Bancorp by 177.3% in the first quarter. FMR LLC now owns 5,908,978 shares of the bank’s stock valued at $67,716,000 after acquiring an additional 3,777,700 shares during the period. APG Asset Management N.V. increased its stake in First Bancorp by 89.7% in the second quarter. APG Asset Management N.V. now owns 4,106,300 shares of the bank’s stock valued at $39,808,000 after acquiring an additional 1,941,200 shares during the period. Finally, Northern Trust Corp increased its stake in First Bancorp by 17.4% in the second quarter. Northern Trust Corp now owns 3,101,627 shares of the bank’s stock valued at $34,242,000 after acquiring an additional 459,766 shares during the period. 90.75% 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.
Recommended Story: What is a Special Dividend?
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.