Notable Reporting: Could First Bancorp Lose Strenght? The Stock Increases A Lot Today

Notable Reporting: Could First Bancorp Lose Strenght? The Stock Increases A Lot Today

The stock of First Bancorp (NYSE:FBP) is a huge mover today! The stock increased 3.17% or $0.16 during the last trading session, hitting $5.2. About 938,176 shares traded hands or 97.25% up from the average. First Bancorp (NYSE:FBP) has risen 96.88% since February 26, 2016 and is uptrending. It has outperformed by 86.45% the S&P500.
The move comes after 8 months positive chart setup for the $1.10 billion company. It was reported on Oct, 1 by We have $7.96 PT which if reached, will make NYSE:FBP worth $583.00M more.

Analysts await First Bancorp (NYSE:FBP) to report earnings on October, 24. They expect $0.10 earnings per share, up 42.86% or $0.03 from last year’s $0.07 per share. FBP’s profit will be $21.15M for 13.00 P/E if the $0.10 EPS becomes a reality. After $0.10 actual earnings per share reported by First Bancorp for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

First Bancorp (NYSE:FBP) Ratings Coverage

Out of 4 analysts covering First Bancorp (NYSE:FBP), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. First Bancorp has been the topic of 4 analyst reports since July 27, 2015 according to StockzIntelligence Inc. Piper Jaffray initiated the stock with “Overweight” rating in Friday, April 8 report. The company was upgraded on Monday, July 27 by Guggenheim. Keefe Bruyette & Woods maintained First Bancorp (NYSE:FBP) rating on Wednesday, October 14. Keefe Bruyette & Woods has “Outperform” rating and $6.50 price target.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment increased to 2.1 in 2016 Q2. Its up 0.69, from 1.41 in 2016Q1. The ratio improved, as 9 funds sold all First Bancorp shares owned while 31 reduced positions. 25 funds bought stakes while 59 increased positions. They now own 138.18 million shares or 24.23% less from 182.37 million shares in 2016Q1.
Geode Capital Mngmt Limited Liability has 0% invested in the company for 1.08 million shares. Jacobs Levy Equity Mgmt accumulated 478,346 shares or 0.04% of the stock. The California-based Fuller & Thaler Asset Mgmt has invested 0% in First Bancorp (NYSE:FBP). Point72 Asset Mngmt L P accumulated 0.04% or 1.57 million shares. Moreover, Tiaa Cref Invest Mgmt Limited Liability has 0% invested in First Bancorp (NYSE:FBP) for 691,143 shares. Proshare Advisors Ltd has 0% invested in the company for 18,517 shares. Int Gp holds 88,223 shares or 0% of its portfolio. Parametric Limited Liability accumulated 0.01% or 1.01M shares. Hillsdale Investment Mgmt last reported 100,800 shares in the company. Springbok Cap Mgmt Ltd Liability Co has invested 0.01% of its portfolio in First Bancorp (NYSE:FBP). Alliancebernstein Lp last reported 0% of its portfolio in the stock. Moreover, Teachers Incorporated has 0% invested in First Bancorp (NYSE:FBP) for 190,471 shares. Barclays Public Limited Company accumulated 57,200 shares or 0% of the stock. Moreover, Manufacturers Life Insur Company The has 0% invested in First Bancorp (NYSE:FBP) for 88,047 shares. Strs Ohio holds 169,900 shares or 0% of its portfolio.

Insider Transactions: Since August 8, 2016, the stock had 0 insider buys, and 1 insider sale for $23,104 net activity. PANCHAM CASSAN sold $23,104 worth of stock or 5,000 shares.

More recent First Bancorp (NYSE:FBP) news were published by: which released: “First Bancorp ends loss-share agreements with FDIC” on September 24, 2016. Also published the news titled: “First Bancorp, Inc (ME) (FNLC) Ex-Dividend Date Scheduled for October 03, 2016” on September 30, 2016.‘s news article titled: “First Bancorp Reports the Early Termination of All FDIC Loss Share Agreements” with publication date: September 22, 2016 was also an interesting one.

FBP Company Profile

First BanCorp., incorporated on March 17, 1998, is a financial holding company. The Firm serves as the bank holding firm for FirstBank Puerto Rico (FirstBank or the Bank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). The Firm is a service well-known provider of financial services and products with activities in Puerto Rico, the United States, the United States Virgin Islands (USVI) and the British Virgin Islands (BVI). The Firm operates through six divisions: Commercial and Corporate Banking; Consumer (Retail) Banking; Mortgage Banking; Treasury and Investments; United States Operations, and Virgin Islands Operations. The Firm provides a range of financial services for retail, commercial and institutional clients. FirstBank is a Puerto Rico-chartered commercial bank and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency.

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