First Ban (FBP) has been under a strong bear grip, hence the stock is down -1.23% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 6.2% in the past 1 week. The stock has risen by 6.16% in the past week indicating that the buyers are active at lower levels, but the stock is down -0.85% in the past 4 weeks.
First Bancorp is up 12.05% in the last 3-month period. Year-to-Date the stock performance stands at 43.08%. The stock has recorded a 20-day Moving Average of 2.27% and the 50-Day Moving Average is 7.39%.
First Ban (NYSE:FBP): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $4.61 and $4.56 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $4.66. The buying momentum continued till the end and the stock did not give up its gains. It closed at $4.65, notching a gain of 0.87% for the day. The total traded volume was 787,256 . The stock had closed at $4.61 on the previous day.
Also, Piper Jaffray initiates coverage on First Ban (NYSE:FBP) The shares have been rated Overweight. The rating by the firm was issued on April 8, 2016.
First BanCorp. is a financial holding company. The Company serves as the bank holding company for FirstBank Puerto Rico (FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). Through its wholly owned subsidiaries, the Company provides financial services and products with operations in Puerto Rico, the United States and the United States Virgin Islands and British Virgin Islands. It focuses on commercial banking, residential mortgage loan originations, finance leases, credit cards, personal loans, small loans, auto loans, and insurance agency and broker-dealer activities. It operates in six segments: Commercial and Corporate Banking; Consumer (Retail) Banking; Mortgage Banking; Treasury and Investments; United States Operations, and Virgin Islands Operations. It has two wholly owned subsidiaries: FirstBank, a Puerto Rico-chartered commercial bank and FirstBank Insurance Agency, a Puerto Rico-chartered insurance agency.