Today’s Price Action: Is First Bancorp a Buy? The Stock Reaches 52-Week High Today

Today's Price Action: Is First Bancorp a Buy? The Stock Reaches 52 Week High Today

The stock of First Bancorp (NYSE:FBP) hit a new 52-week high and has $7.32 target or 9.00% above today’s $6.72 share price. The 6 months bullish chart indicates low risk for the $1.49B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $7.32 price target is reached, the company will be worth $134.10 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 623,486 shares traded hands. First Bancorp (NYSE:FBP) has risen 97.60% since April 21, 2016 and is uptrending. It has outperformed by 92.27% the S&P500.

Analysts await First Bancorp (NYSE:FBP) to report earnings on January, 26. They expect $0.09 EPS, up 28.57% or $0.02 from last year’s $0.07 per share. FBP’s profit will be $19.96 million for 18.67 P/E if the $0.09 EPS becomes a reality. After $0.11 actual EPS reported by First Bancorp for the previous quarter, Wall Street now forecasts -18.18% negative 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. The firm has “Overweight” rating given on Friday, April 8 by Piper Jaffray. The stock has “Buy” rating given by Guggenheim on Monday, July 27. Keefe Bruyette & Woods maintained First Bancorp (NYSE:FBP) on Wednesday, October 14 with “Outperform” rating.

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 decreased to 1.27 in Q2 2016. Its down 0.83, from 2.1 in 2016Q1. The ratio worsened, 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.
The Pennsylvania-based Brandywine Global Investment Mgmt Limited Liability Corp has invested 0.01% in First Bancorp (NYSE:FBP). Nationwide Fund Advsrs has 456,261 shares for 0.01% of their US portfolio. Prudential Finance accumulated 0% or 290,439 shares. Grt Capital Partners Lc holds 0.03% of its portfolio in First Bancorp (NYSE:FBP) for 32,163 shares. State Of Tennessee Treasury Department reported 92,684 shares or 0% of all its holdings. Penbrook Ltd Co owns 102,440 shares or 0.45% of their US portfolio. Voya Ltd owns 49,363 shares or 0% of their US portfolio. State Board Of Administration Of Florida Retirement Sys has invested 0% of its portfolio in First Bancorp (NYSE:FBP). Teachers Retirement Systems Of The State Of Kentucky has 0% invested in the company for 40,913 shares. Aperio Group Inc Ltd Limited Liability Company, a California-based fund reported 252,954 shares. Two Sigma Securities Llc has 12,772 shares for 0.03% of their US portfolio. Amalgamated Comml Bank has 14,125 shares for 0% of their US portfolio. Renaissance Technologies Ltd Liability Com accumulated 365,100 shares or 0% of the stock. Moreover, Balyasny Asset Management Ltd Llc has 0% invested in First Bancorp (NYSE:FBP) for 29,700 shares. Brandes Prns Limited Partnership, a California-based fund reported 18,002 shares.

Insider Transactions: Since August 8, 2016, the stock had 0 insider buys, and 2 insider sales for $69,725 net activity. $23,104 worth of First Bancorp (NYSE:FBP) was sold by PANCHAM CASSAN on Monday, August 8. RIVERA NAYDA sold $46,621 worth of First Bancorp (NYSE:FBP) on Thursday, November 10.

More news for First Bancorp (NYSE:FBP) were recently published by: Journalnow.com, which released: “First Bancorp reports lower profit in busy third quarter” on October 28, 2016. Businesswire.com‘s article titled: “Fitch Affirms First Bancorp’s L-T & S-T IDRs at ‘B-/B’; Outlook Revised to …” and published on November 22, 2016 is yet another important article.

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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