First BanCorp. (NYSE:FBP) Receives Average Rating of “Moderate Buy” from Analysts

First BanCorp. (NYSE:FBP) has earned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $25.8571.

A number of brokerages have recently commented on FBP. Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Wells Fargo & Company raised their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Truist Financial lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Raymond James Financial raised shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research note on Tuesday, April 21st.

First BanCorp. Stock Down 1.3%

Shares of First BanCorp. stock opened at $23.98 on Friday. The business’s 50 day simple moving average is $22.06 and its 200 day simple moving average is $21.39. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $24.57. The firm has a market cap of $3.73 billion, a PE ratio of 10.66, a P/E/G ratio of 1.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same quarter in the prior year, the firm posted $0.47 EPS. On average, analysts predict that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.3%. First BanCorp.’s dividend payout ratio is 35.56%.

Insiders Place Their Bets

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the transaction, the director directly owned 637,019 shares in the company, valued at $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently made changes to their positions in FBP. Nisa Investment Advisors LLC grew its stake in shares of First BanCorp. by 4.1% in the third quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank’s stock valued at $287,000 after buying an additional 508 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in First BanCorp. by 5.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock worth $234,000 after acquiring an additional 526 shares in the last quarter. California State Teachers Retirement System lifted its stake in First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock valued at $3,151,000 after acquiring an additional 529 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of First BanCorp. by 4.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank’s stock valued at $313,000 after acquiring an additional 557 shares during the period. Finally, Fifth Third Bancorp grew its position in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after acquiring an additional 560 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.