First BanCorp. (NYSE:FBP) Hits New 12-Month High on Better-Than-Expected Earnings

First BanCorp. (NYSE:FBP) shares reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $24.14 and last traded at $23.6030, with a volume of 2809912 shares trading hands. The stock had previously closed at $24.04.

The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same quarter last year, the business earned $0.47 earnings per share.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be given a dividend of $0.20 per share. 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 (DPR) is currently 37.21%.

More First BanCorp. News

Here are the key news stories impacting First BanCorp. this week:

• Positive Sentiment: Q1 earnings beat and profitability: FBP reported $0.57 EPS vs. $0.52 consensus, with strong net margin (27.5%) and ROE (~17.3%), signaling healthy profitability. Earnings Beat
• Positive Sentiment: Analyst price-target hikes: Wells Fargo raised its target to $26 and upgraded to Overweight; Keefe, Bruyette & Woods lifted its target to $26 (Market Perform). These raises add near-term upside and third‑party validation. Benzinga TickerReport
• Positive Sentiment: Quarterly dividend declared: FBP announced a $0.20 quarterly dividend (annualized yield ~3.4%), supporting income-oriented investors and signaling management confidence. Dividend Announcement
• Neutral Sentiment: Deposit growth and NIM expansion helped offset softer loan demand, per a deep-dive and the earnings call—this suggests margins are improving even as lending activity cools. Deep Dive Call Highlights
• Negative Sentiment: Revenue slightly missed estimates: Q1 revenue was ~$258.6M vs. ~$263.5M expected, and management noted softer loan demand—key items to monitor for growth sustainability. Press Release / Slide Deck

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FBP shares. Wells Fargo & Company increased their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday. Hovde Group raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Piper Sandler raised their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Truist Financial raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.67.

Insider Buying and Selling

In other news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the transaction, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the transaction, the executive vice president owned 62,937 shares of the company’s stock, valued at $1,391,537.07. This trade represents a 35.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of FBP. Royal Bank of Canada raised its stake in First BanCorp. by 24.4% in the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after purchasing an additional 8,419 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock valued at $1,847,000 after purchasing an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp raised its stake 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in First BanCorp. by 6.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock valued at $9,911,000 after purchasing an additional 29,631 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in First BanCorp. by 1,445.7% in the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

The business’s 50 day moving average is $21.79 and its two-hundred day moving average is $21.24. The firm has a market capitalization of $3.79 billion, a PE ratio of 10.81, a P/E/G ratio of 1.91 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.81.

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.