Price Change to Note: What’s Propelling First Bancorp to Decline So Much?

Price Change to Note: What's Propelling First Bancorp to Decline So Much?

The stock of First Bancorp (NYSE:FBP) is a huge mover today! About 7.99M shares traded hands or 796.68% up from the average. First Bancorp (NYSE:FBP) has risen 65.45% since April 27, 2016 and is uptrending. It has outperformed by 60.23% the S&P500.
The move comes after 6 months negative chart setup for the $1.31 billion company. It was reported on Nov, 30 by Barchart.com. We have $5.46 PT which if reached, will make NYSE:FBP worth $104.80 million less.

Analysts await First Bancorp (NYSE:FBP) to report earnings on January, 26. They expect $0.09 earnings per share, up 28.57% or $0.02 from last year’s $0.07 per share. FBP’s profit will be $19.85M for 16.50 P/E if the $0.09 EPS becomes a reality. After $0.11 actual earnings per share 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. Keefe Bruyette & Woods maintained First Bancorp (NYSE:FBP) on Wednesday, October 14 with “Outperform” rating. The firm has “Buy” rating by Guggenheim given on Monday, July 27. The firm has “Overweight” rating given on Friday, April 8 by Piper Jaffray.

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 fall, 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.
American Century Inc last reported 0% of its portfolio in the stock. Us Bankshares De has 3,487 shares for 0% of their US portfolio. Moreover, Zacks Mgmt has 0.03% invested in First Bancorp (NYSE:FBP) for 234,752 shares. Putnam Invests Lc last reported 1.14M shares in the company. Cubist Systematic Strategies Ltd Liability Corp has 37,530 shares for 0.01% of their US portfolio. Comerica Natl Bank accumulated 0% or 116,973 shares. Ladenburg Thalmann Financial Svcs Inc accumulated 0% or 8,300 shares. California Public Employees Retirement System accumulated 0.01% or 996,800 shares. Blackrock Fund Advsrs has 7.65M shares for 0.01% of their US portfolio. American Int Grp Inc Inc reported 88,223 shares or 0% of all its holdings. Prudential Fincl has 290,439 shares for 0% of their US portfolio. National Bank & Trust Of Ny Mellon Corp has 0% invested in the company for 3.60M shares. Rhumbline Advisers last reported 0% of its portfolio in the stock. Ameriprise last reported 897,227 shares in the company. Savings Bank Of America De accumulated 0% or 242,569 shares.

Insider Transactions: Since August 8, 2016, the stock had 0 buys, and 2 sales for $69,725 net activity. 8,085 shares were sold by RIVERA NAYDA, worth $46,621. $23,104 worth of shares were sold by PANCHAM CASSAN on Monday, August 8.

More important recent First Bancorp (NYSE:FBP) news were published by: Reuters.com which released: “BRIEF-First Bancorp announces THL’s, Oaktree’s pricing of secondary offeri…” on November 30, 2016, also Reuters.com published article titled: “BRIEF-First Bancorp says secondary offering of 18 mln shares at $0.10 par …”, Businesswire.com published: “First BanCorp. Announces THL’s and Oaktree’s Pricing of Secondary Offering of …” on November 30, 2016. More interesting news about First Bancorp (NYSE:FBP) was released by: Streetinsider.com and their article: “Form 8-K FIRST BANCORP /PR/ For: Nov 28” with publication date: November 30, 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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