Is First BanCorp. (FBP) a Buy? The Stock Formed Bullish Multiple Top Chart Pattern

July 14, 2018 - By Bradley Stiles

First BanCorp. (NYSE:FBP) Logo

Investors sentiment increased to 1.34 in 2018 Q1. Its up 0.35, from 0.99 in 2017Q4. It increased, as 16 investors sold First BanCorp. shares while 48 reduced holdings. 30 funds opened positions while 56 raised stakes. 186.41 million shares or 2.79% less from 191.75 million shares in 2017Q4 were reported.
Bnp Paribas Arbitrage holds 0% or 72,209 shares in its portfolio. Millennium Management Limited Liability Corporation, a New York-based fund reported 2.85M shares. Meeder Asset Management invested 0% in First BanCorp. (NYSE:FBP). Commonwealth Of Pennsylvania School Empls Retrmt accumulated 16,985 shares. Us National Bank & Trust De invested 0% in First BanCorp. (NYSE:FBP). Ubs Asset Mngmt Americas has 93,266 shares. Penbrook Mgmt Lc reported 107,720 shares. Qs Ltd reported 504,148 shares. Schwab Charles Investment Mngmt Inc holds 0.01% or 2.15 million shares. Hbk Lp holds 0% of its portfolio in First BanCorp. (NYSE:FBP) for 42,800 shares. Gamco Invsts Et Al invested 0% in First BanCorp. (NYSE:FBP). Aperio Grp Incorporated Ltd Limited Liability Company accumulated 0.01% or 246,345 shares. Wellington Management Gp Limited Liability Partnership reported 0% of its portfolio in First BanCorp. (NYSE:FBP). Stone Ridge Asset Lc holds 0.02% or 44,107 shares. Art Limited Liability Corporation stated it has 211,959 shares.

The stock of First BanCorp. (FBP) shows a multiple tops pattern with $8.24 target or 6.00 % above today’s $7.77 share price. The 7 months chart pattern indicates low risk for the $1.68B company. It was reported on Jul, 14 by If the $8.24 price target is reached, the company will be worth $100.86 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 1.27% or $0.1 during the last trading session, reaching $7.77. About 1.40 million shares traded. First BanCorp. (NYSE:FBP) has risen 45.74% since July 14, 2017 and is uptrending. It has outperformed by 33.17% the S&P500.

Analysts await First BanCorp. (NYSE:FBP) to report earnings on July, 27. They expect $0.14 earnings per share, up 7.69 % or $0.01 from last year’s $0.13 per share. FBP’s profit will be $30.29 million for 13.88 P/E if the $0.14 EPS becomes a reality. After $0.14 actual earnings per share reported by First BanCorp. for the previous quarter, Wall Street now forecasts 0.00 % EPS growth.

First BanCorp. (NYSE:FBP) Ratings Coverage

Among 3 analysts covering First Bancorp Puerto Rico (NYSE:FBP), 2 have Buy rating, 0 Sell and 1 Hold. Therefore 67% are positive. First Bancorp Puerto Rico has $9 highest and $8.0 lowest target. $8.50’s average target is 9.40% above currents $7.77 stock price. First Bancorp Puerto Rico had 3 analyst reports since January 29, 2018 according to SRatingsIntel. Piper Jaffray maintained the stock with “Buy” rating in Monday, January 29 report. As per Monday, April 30, the company rating was maintained by Citigroup. The firm has “Neutral” rating given on Monday, April 30 by Merion Capital.

First BanCorp. operates as the bank holding firm for FirstBank Puerto Rico that provides a range of financial services and products to retail, commercial, and institutional clients. The company has market cap of $1.68 billion. The Company’s Commercial and Corporate Banking segment offers commercial real estate and construction loans, and floor plan financings, as well as cash and business management services; and underwrites municipal securities, and other investment banking services. It has a 23.19 P/E ratio. The company's Consumer Banking segment provides auto, boat, and personal loans; credit cards; lines of credit; and deposit products comprising interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, and retail certificates of deposit, as well as engages in the finance leasing and insurance activities.

First BanCorp. (NYSE:FBP) Institutional Positions Chart

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