First BanCorp. (NYSE:FBP) Sets New 12-Month High – Here’s Why

First BanCorp. (NYSE:FBP) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.89 and last traded at $25.8530, with a volume of 42069 shares changing hands. The stock had previously closed at $25.74.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Truist Financial boosted their price objective on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Piper Sandler increased their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Wells Fargo & Company raised their price objective on shares of 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 lifted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Finally, Raymond James Financial raised shares of 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. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, First BanCorp. has an average rating of “Buy” and an average price target of $25.86.

First BanCorp. Price Performance

The stock’s 50 day moving average is $24.05 and its two-hundred day moving average is $22.36. The stock has a market capitalization of $4.01 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80.

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

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 28th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. First BanCorp.’s payout ratio is presently 35.56%.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of First BanCorp. during the 4th quarter worth about $42,138,000. Boston Partners raised its position in shares of First BanCorp. by 767.8% during the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after acquiring an additional 1,116,791 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in First BanCorp. by 48.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after purchasing an additional 871,860 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in First BanCorp. by 82.9% during the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after purchasing an additional 649,987 shares during the last quarter. Finally, Verition Fund Management LLC boosted its holdings in First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after purchasing an additional 548,164 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Company Profile

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.