First BanCorp. (NYSE:FBP) Issues Quarterly Earnings Results

First BanCorp. (NYSE:FBP) posted its quarterly earnings data on Wednesday. The bank reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08, Zacks reports. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%.

First BanCorp. Stock Up 0.6%

FBP stock opened at $27.59 on Wednesday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $27.89. The business has a 50-day simple moving average of $25.33 and a 200 day simple moving average of $23.20. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The company has a market cap of $4.27 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.73 and a beta of 0.82.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s payout ratio is 35.56%.

Wall Street Analyst Weigh In

Several research analysts recently commented on FBP shares. Raymond James Financial increased their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Truist Financial boosted their target price on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Piper Sandler increased their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Wells Fargo & Company lifted their price objective on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $27.88.

Institutional Trading of First BanCorp.

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares during the period. State of Wyoming bought a new stake in First BanCorp. in the fourth quarter valued at approximately $64,000. Cresset Asset Management LLC bought a new stake in shares of First BanCorp. in the 3rd quarter valued at $210,000. Finally, Cerity Partners LLC acquired a new position in First BanCorp. in the second quarter valued at $211,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.