What’s First BanCorp. (FBP) Upside After Forming Bullish Multiple Top Pattern?

July 14, 2018 - By Yee Bell

First BanCorp. (NYSE:FBP) Logo

Investors sentiment increased to 1.34 in Q1 2018. Its up 0.35, from 0.99 in 2017Q4. It is positive, 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.
Cibc Asset Management invested in 0% or 24,221 shares. Pnc Financial Grp Inc Incorporated accumulated 0% or 4,921 shares. Paloma Prtn Co stated it has 0.01% of its portfolio in First BanCorp. (NYSE:FBP). Signaturefd Ltd owns 8,462 shares or 0.01% of their US portfolio. Amer Group Inc has invested 0% in First BanCorp. (NYSE:FBP). Thrivent Finance For Lutherans invested in 549,019 shares. Dimensional Fund Advsrs Lp accumulated 0.04% or 15.81M shares. Hbk L P owns 42,800 shares for 0% of their portfolio. Invesco has invested 0% in First BanCorp. (NYSE:FBP). Carlson L P owns 3.33M shares. First Tru L P invested in 362,774 shares or 0.01% of the stock. Los Angeles Capital Mngmt And Equity Research owns 305,421 shares. Bridgeway holds 1.39M shares or 0.09% of its portfolio. Profund Advsrs Ltd Limited Liability Company has invested 0.01% of its portfolio in First BanCorp. (NYSE:FBP). Arizona State Retirement Systems has 0.02% invested in First BanCorp. (NYSE:FBP) for 286,548 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 Finviz.com. 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 1.40M 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. The company was maintained on Monday, April 30 by Citigroup. The stock of First BanCorp. (NYSE:FBP) earned “Neutral” rating by Merion Capital on Monday, April 30. The stock of First BanCorp. (NYSE:FBP) has “Buy” rating given on Monday, January 29 by Piper Jaffray.

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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