First BanCorp. (NYSE:FBP) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of First BanCorp. (NYSE:FBP) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks reports.

Several other brokerages have also recently weighed in on FBP. Benchmark lifted their price target on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their target price on First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Weiss Ratings reissued a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th. Finally, Truist Financial raised their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $29.38.

First BanCorp. Price Performance

FBP opened at $26.82 on Wednesday. The firm has a 50-day moving average price of $28.34 and a 200-day moving average price of $25.38. First BanCorp. has a twelve month low of $19.16 and a twelve month high of $29.88. 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 capitalization of $4.10 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.45 and a beta of 0.80.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The company had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. Equities analysts expect that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were given a $0.20 dividend. The ex-dividend date was Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. First BanCorp.’s payout ratio is presently 33.76%.

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the executive vice president directly owned 230,398 shares of the company’s stock, valued at approximately $6,494,919.62. This trade represents a 4.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Roberto R. Herencia sold 26,350 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total value of $750,448.00. Following the transaction, the director owned 610,669 shares in the company, valued at $17,391,853.12. This trade represents a 4.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 46,350 shares of company stock worth $1,328,248. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LP raised its holdings in shares of First BanCorp. by 3.0% in the second quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock worth $479,000 after buying an additional 536 shares during the last quarter. Fifth Third Bancorp increased its holdings in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after buying an additional 560 shares in the last quarter. Measured Wealth Private Client Group LLC raised its holdings in First BanCorp. by 1.9% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock worth $769,000 after purchasing an additional 656 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of First BanCorp. by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,671 shares of the bank’s stock valued at $461,000 after buying an additional 692 shares in the last quarter. Finally, Baron Wealth Management LLC increased its stake in shares of First BanCorp. by 7.1% during the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after purchasing an additional 1,011 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Its principal subsidiary, FirstBank Puerto Rico, provides a range of banking and financial services to individuals, businesses and government entities.

FirstBank’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, consumer loans, credit cards, cash management and other business banking services. The company also provides mortgage-related services and insurance products through affiliated operations, along with digital and electronic banking tools.

First BanCorp.