First BanCorp. (NYSE:FBP) Given Average Recommendation of “Buy” by Brokerages

Shares of First BanCorp. (NYSE:FBP) have earned a consensus recommendation of “Buy” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and four have given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $29.3750.

Several research firms have weighed in on FBP. Wells Fargo & Company boosted their price objective on First BanCorp. from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Raymond James Financial increased their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Benchmark lifted their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Zacks Research upgraded shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research report on Thursday, July 23rd.

First BanCorp. Price Performance

First BanCorp. stock opened at $27.57 on Thursday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $29.88. The company’s 50 day moving average price is $28.30 and its two-hundred day moving average price is $25.12. 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 stock has a market cap of $4.21 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.51 and a beta of 0.80.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. The company had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. On average, equities analysts predict that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Thursday, August 27th were paid a $0.20 dividend. The ex-dividend date was Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 2.9%. First BanCorp.’s dividend payout ratio is presently 33.76%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, Director Roberto Herencia sold 26,350 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the transaction, the director directly owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. This represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nayda Rivera sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was 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 $6,494,919.62. This represents a 4.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 46,350 shares of company stock valued at $1,328,248. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. Engineers Gate Manager LP boosted its position in First BanCorp. by 9.9% during the second quarter. Engineers Gate Manager LP now owns 54,178 shares of the bank’s stock worth $1,412,000 after purchasing an additional 4,874 shares during the period. NewEdge Advisors LLC raised its position in shares of First BanCorp. by 42.8% in the second quarter. NewEdge Advisors LLC now owns 205,731 shares of the bank’s stock valued at $5,363,000 after purchasing an additional 61,624 shares during the period. Squarepoint Ops LLC raised its position in shares of First BanCorp. by 144.3% in the second quarter. Squarepoint Ops LLC now owns 230,787 shares of the bank’s stock valued at $6,017,000 after purchasing an additional 136,331 shares during the period. Nykredit A S purchased a new stake in shares of First BanCorp. during the 2nd quarter valued at approximately $78,000. Finally, Corient Private Wealth LP lifted its stake in shares of First BanCorp. by 3.0% during the 2nd quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock valued at $479,000 after buying an additional 536 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Company Profile

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.