Citigroup Upgrades First Bancorp (FBP) to Buy

First Bancorp (NYSE:FBP) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Thursday.

FBP has been the topic of several other research reports. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Piper Jaffray Companies restated a “buy” rating and set a $7.50 price target on shares of First Bancorp in a research note on Friday, November 10th. ValuEngine lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. TheStreet lowered shares of First Bancorp from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Finally, Bank of America dropped their price target on shares of First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. First Bancorp has an average rating of “Hold” and an average price target of $6.50.

First Bancorp (NYSE:FBP) opened at $5.12 on Thursday. First Bancorp has a 12 month low of $4.48 and a 12 month high of $7.05. The company has a market cap of $1,074.39, a price-to-earnings ratio of 10.35, a PEG ratio of 2.68 and a beta of 1.92. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.03 and a current ratio of 1.03.

Large investors have recently bought and sold shares of the stock. Amalgamated Bank grew its stake in First Bancorp by 36.3% in the 2nd quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock valued at $130,000 after buying an additional 5,989 shares during the last quarter. Bank of Montreal Can grew its stake in First Bancorp by 21.5% in the 2nd quarter. Bank of Montreal Can now owns 24,092 shares of the bank’s stock valued at $139,000 after buying an additional 4,256 shares during the last quarter. Pacad Investment Ltd. grew its stake in First Bancorp by 63.7% in the 2nd quarter. Pacad Investment Ltd. now owns 25,700 shares of the bank’s stock valued at $149,000 after buying an additional 10,000 shares during the last quarter. Profund Advisors LLC grew its stake in First Bancorp by 15.2% in the 2nd quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock valued at $178,000 after buying an additional 4,052 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new position in First Bancorp in the 2nd quarter valued at $199,000. Institutional investors and hedge funds own 90.29% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Citigroup Upgrades First Bancorp (FBP) to Buy” was first posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this piece on another website, it was illegally stolen and reposted in violation of US and international copyright & trademark laws. The legal version of this piece can be accessed at https://sportsperspectives.com/2017/12/21/citigroup-upgrades-first-bancorp-fbp-to-buy.html.

First Bancorp Company Profile

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.

Latest News

Leave a Reply