First Bancorp (NYSE:FBP) has been given a consensus recommendation of “Buy” by the eight brokerages that are covering the firm, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $9.63.

Several analysts have issued reports on the company. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, September 28th. Bank of America upgraded First Bancorp from a “neutral” rating to a “buy” rating and upped their target price for the company from $9.00 to $12.00 in a report on Thursday, September 20th. Sandler O’Neill restated a “buy” rating and issued a $10.00 target price on shares of First Bancorp in a report on Thursday, August 2nd. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a report on Friday, July 27th. Finally, Merion Capital Group upgraded First Bancorp from a “neutral” rating to an “outperform” rating and upped their target price for the company from $8.00 to $9.50 in a report on Thursday, July 26th.

A number of large investors have recently modified their holdings of the business. Riverhead Capital Management LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at $100,000. Flinton Capital Management LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at $112,000. First Citizens Bank & Trust Co. acquired a new position in shares of First Bancorp in the 2nd quarter valued at $134,000. Neuburgh Advisers LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at $136,000. Finally, Prospera Financial Services Inc acquired a new position in shares of First Bancorp in the 2nd quarter valued at $145,000. Institutional investors own 88.52% of the company’s stock.

Shares of FBP traded down $0.07 during trading hours on Friday, hitting $8.96. 1,039,590 shares of the stock were exchanged, compared to its average volume of 1,906,005. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98. First Bancorp has a 12-month low of $4.48 and a 12-month high of $9.27. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 0.42 and a beta of 1.90.

First Bancorp (NYSE:FBP) last issued its earnings results on Wednesday, July 25th. The bank reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $150.94 million during the quarter, compared to analysts’ expectations of $150.60 million. First Bancorp had a return on equity of 6.36% and a net margin of 11.06%. During the same period in the prior year, the business earned $0.13 EPS. On average, analysts predict that First Bancorp will post 0.62 earnings per share for the current year.

About First Bancorp

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

Featured Article: The Discount Rate – What You Need to Know

Analyst Recommendations for First Bancorp (NYSE:FBP)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.