First BanCorp. (NYSE:FBP) Upgraded at Benchmark

First BanCorp. (NYSE:FBP) was upgraded by Benchmark to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on FBP. Raymond James Financial raised their target price on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Piper Sandler lifted their price objective 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. Finally, Truist Financial upped their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, First BanCorp. currently has an average rating of “Buy” and a consensus target price of $27.88.

First BanCorp. Stock Up 1.4%

Shares of NYSE FBP opened at $27.09 on Wednesday. The company has a market capitalization of $4.19 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $27.25. The company’s 50 day moving average price is $25.02 and its 200-day moving average price is $23.01.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The firm had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. During the same period last year, the business posted $0.47 EPS. Equities analysts forecast that First BanCorp. will post 2.26 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after acquiring an additional 413,557 shares in the last quarter. First Trust Advisors LP increased its holdings in First BanCorp. by 12.2% during the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after buying an additional 527,991 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of First BanCorp. by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock valued at $75,856,000 after acquiring an additional 171,580 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after buying an additional 871,860 shares during the period. Finally, Verition Fund Management LLC raised its stake in First BanCorp. by 31.6% during the 3rd 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 during the period. 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.