The stock of First Bancorp (NYSE:FBP) hit a new 52-week high and has $9.26 target or 44.00% above today’s $6.43 share price. The 8 months bullish chart indicates low risk for the $1.38 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $9.26 price target is reached, the company will be worth $607.20 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 414,410 shares traded hands. First Bancorp (NYSE:FBP) has risen 100.32% since April 15, 2016 and is uptrending. It has outperformed by 95.69% the S&P500.
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. The firm has “Overweight” rating given on Friday, April 8 by Piper Jaffray. The rating was maintained by Keefe Bruyette & Woods on Wednesday, October 14 with “Outperform”. The rating was upgraded by Guggenheim to “Buy” on Monday, July 27.
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 Q2 2016. Its up 0.69, from 1.41 in 2016Q1. The ratio increased, 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.
State Of Tennessee Treasury Department holds 0% or 92,684 shares in its portfolio. Balyasny Asset Limited Liability holds 0% or 29,700 shares in its portfolio. North Star Inv Mngmt has 2,666 shares for 0% of their US portfolio. Huntington Financial Bank, a Ohio-based fund reported 5,559 shares. Amalgamated Commercial Bank has 14,125 shares for 0% of their US portfolio. Livingston Grp Asset Mgmt (Operating As Southport Capital Management) has 300 shares for 0% of their US portfolio. Moreover, Bnp Paribas Arbitrage has 0% invested in First Bancorp (NYSE:FBP) for 36,403 shares. Swiss Natl Bank holds 0% of its portfolio in First Bancorp (NYSE:FBP) for 209,800 shares. Shell Asset Mngmt Co accumulated 146,190 shares or 0.01% of the stock. Thrivent For Lutherans last reported 56,403 shares in the company. Renaissance Tech Ltd Liability Co has 0% invested in the company for 365,100 shares. Two Sigma Ltd has invested 0.03% of its portfolio in First Bancorp (NYSE:FBP). Arizona State Retirement Sys has 60,832 shares for 0% of their US portfolio. Clinton Gru holds 0.01% or 31,603 shares in its portfolio. Morgan Stanley holds 315,218 shares or 0% of its portfolio.
Insider Transactions: Since August 8, 2016, the stock had 0 buys, and 2 insider sales for $69,725 net activity. RIVERA NAYDA had sold 8,085 shares worth $46,621 on Thursday, November 10. $23,104 worth of First Bancorp (NYSE:FBP) shares were sold by PANCHAM CASSAN.
Another recent and important First Bancorp (NYSE:FBP) news was published by Journalnow.com which published an article titled: “First Bancorp reports lower profit in busy third quarter” on October 28, 2016.
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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