First BanCorp. (NYSE:FBP) Reaches New 52-Week High – Should You Buy?

First BanCorp. (NYSE:FBP)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.64 and last traded at $24.4190, with a volume of 25394 shares traded. The stock had previously closed at $24.46.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FBP. Wells Fargo & Company lifted their price target on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $26.00 to $27.00 in a research note on Monday, April 27th. Truist Financial lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler boosted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and an average target price of $25.86.

First BanCorp. Stock Performance

The stock’s 50 day moving average price is $22.90 and its 200 day moving average price is $21.80. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 10.68, a P/E/G ratio of 1.45 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million during the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.47 EPS. On average, analysts expect that First BanCorp. will post 2.25 EPS 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. Shareholders of record on Thursday, May 28th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s dividend payout ratio is currently 35.56%.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp lifted its stake in First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares during the last quarter. First Horizon Corp bought a new position in First BanCorp. during the fourth quarter worth $40,000. Hantz Financial Services Inc. lifted its stake in First BanCorp. by 1,695.8% during the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.