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February 28, 2008 |
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FIRST BANCORP: Sterne Agee Lowers FirstBank's 2008 Estimates Sterne, Agee & Leach has downgraded FirstBank Puerto Rico's 2008 earnings per share estimate two cents to US$0.53 after the US brokerage firm paid a visit to the bank executives, Business News Americas reports. According to the brokerage firm, its US$9 price target on First Bancorp's stock will be retained, the report states. The firm also established an initial 2009 EPS estimate of US$0.70, BNamericas adds. For the 2007 fourth quarter, the bank recorded a net loss of US$0.03 per share compared to net income of US$0.20 per share for the same period in 2006, the report relates. Sterne, Agee & Leach said in a statement that asset quality and state credit losses might be higher in 2008; however, credit for 2008 was "a significant unknown." About First BanCorp First BanCorp (NYSE: FBP) -- http://www.firstbankpr.com/ -- is the parent corporation of FirstBank Puerto Rico, a state chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida; of FirstBank Insurance Agency; and of Ponce General Corporation. First BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly UniBank, the thrift subsidiary of Ponce General, all operate within U.S. banking laws and regulations. * * * On Feb. 21, 2007, Fitch assigned a BB long-term issuer default ratings to First BanCorp. |
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