First BanCorp. (NYSE:FBP) Sets New 1-Year High – Time to Buy?

Shares of First BanCorp. (NYSE:FBP) hit a new 52-week high on Wednesday . The stock traded as high as $26.81 and last traded at $26.6850, with a volume of 686114 shares trading hands. The stock had previously closed at $26.07.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FBP. Piper Sandler increased their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Truist Financial upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods lifted their target price 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 boosted their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, First BanCorp. has a consensus rating of “Buy” and a consensus price target of $26.57.

First BanCorp. Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $4.13 billion, a PE ratio of 11.86, a P/E/G ratio of 1.56 and a beta of 0.83. The company’s fifty day simple moving average is $24.46 and its two-hundred day simple moving average is $22.62.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating 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 business had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same period in the prior year, the business earned $0.47 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 28th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. First BanCorp.’s payout ratio is currently 35.56%.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently bought and sold shares of FBP. Quent Capital LLC purchased a new position in shares of First BanCorp. in the 4th quarter worth $1,874,000. JPMorgan Chase & Co. boosted its holdings in First BanCorp. by 15.1% in the third quarter. JPMorgan Chase & Co. now owns 1,407,825 shares of the bank’s stock valued at $31,043,000 after acquiring an additional 184,769 shares during the last quarter. Novem Group purchased a new stake in First BanCorp. during the fourth quarter valued at about $1,138,000. WINTON GROUP Ltd purchased a new stake in First BanCorp. during the fourth quarter valued at about $5,222,000. Finally, SG Americas Securities LLC increased its stake in First BanCorp. by 74.1% during the fourth quarter. SG Americas Securities LLC now owns 128,580 shares of the bank’s stock worth $2,665,000 after acquiring an additional 54,713 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.