First BanCorp. (NYSE:FBP) Hits New 1-Year High – What’s Next?

Shares of First BanCorp. (NYSE:FBP) hit a new 52-week high on Monday . The stock traded as high as $24.64 and last traded at $24.6450, with a volume of 774257 shares traded. The stock had previously closed at $24.32.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $26.00 to $27.00 in a research note on Monday, April 27th. Piper Sandler upped their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Wells Fargo & Company increased their price objective on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Finally, Truist Financial increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, First BanCorp. currently has an average rating of “Buy” and a consensus target price of $25.86.

First BanCorp. Trading Up 1.2%

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 fifty day simple moving average of $23.29 and a 200-day simple moving average of $21.96. The company has a market capitalization of $3.81 billion, a PE ratio of 10.94, a PEG ratio of 1.46 and a beta of 0.83.

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, beating the consensus estimate of $0.52 by $0.05. The company 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 period in the prior year, the business earned $0.47 EPS. Analysts predict that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Dividend Announcement

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

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in First BanCorp. by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock valued at $445,017,000 after acquiring an additional 413,557 shares during the period. First Trust Advisors LP boosted its holdings in First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after acquiring an additional 527,991 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in First BanCorp. by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock valued at $75,856,000 after acquiring an additional 171,580 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in First BanCorp. by 48.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after acquiring an additional 871,860 shares during the period. Finally, Verition Fund Management LLC boosted its holdings in First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after acquiring an additional 548,164 shares during the period. 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.