First BanCorp. (NYSE:FBP) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of First BanCorp. (NYSE:FBPGet Rating) from a buy rating to a hold rating in a research report released on Friday morning.

Separately, Zacks Investment Research upgraded First BanCorp. from a hold rating to a buy rating and set a $14.00 target price on the stock in a report on Monday, April 11th.

FBP opened at $13.61 on Friday. First BanCorp. has a 1 year low of $10.88 and a 1 year high of $16.62. The stock has a fifty day moving average price of $13.26 and a 200 day moving average price of $13.92. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.18. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 9.39, a PEG ratio of 1.02 and a beta of 1.20.

First BanCorp. (NYSE:FBPGet Rating) last posted its earnings results on Thursday, April 28th. The bank reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.09. First BanCorp. had a return on equity of 13.87% and a net margin of 30.61%. The company had revenue of $218.48 million for the quarter, compared to analyst estimates of $213.55 million. During the same period last year, the company earned $0.31 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts forecast that First BanCorp. will post 1.44 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 10th. Stockholders of record on Wednesday, May 25th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, May 24th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.53%. First BanCorp.’s payout ratio is presently 27.59%.

In other news, EVP Nayda Rivera sold 20,000 shares of First BanCorp. stock in a transaction dated Tuesday, February 8th. The stock was sold at an average price of $15.15, for a total value of $303,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of FBP. Man Group plc increased its stake in First BanCorp. by 14,806.0% during the third quarter. Man Group plc now owns 2,161,228 shares of the bank’s stock valued at $28,420,000 after acquiring an additional 2,146,729 shares during the period. American Century Companies Inc. increased its stake in First BanCorp. by 52.3% during the fourth quarter. American Century Companies Inc. now owns 6,097,589 shares of the bank’s stock valued at $84,025,000 after acquiring an additional 2,093,699 shares during the period. Norges Bank bought a new position in First BanCorp. during the fourth quarter valued at about $26,896,000. Goldman Sachs Group Inc. increased its stake in First BanCorp. by 90.3% during the third quarter. Goldman Sachs Group Inc. now owns 3,777,148 shares of the bank’s stock valued at $49,669,000 after acquiring an additional 1,792,001 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new position in First BanCorp. during the third quarter valued at about $18,802,000. Hedge funds and other institutional investors own 92.48% of the company’s stock.

About First BanCorp. (Get Rating)

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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