First BanCorp. (NYSE:FBP) Receives Consensus Rating of “Moderate Buy” from Analysts

First BanCorp. (NYSE:FBP) has been given a consensus rating of “Moderate Buy” by the six analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $24.3333.

A number of equities analysts have commented on the company. Wells Fargo & Company raised their price objective on First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Truist Financial assumed coverage on First BanCorp. in a research note on Thursday, October 9th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, UBS Group set a $25.00 price objective on First BanCorp. in a research note on Thursday, October 9th.

First BanCorp. Price Performance

First BanCorp. stock opened at $21.52 on Thursday. The stock’s fifty day moving average price is $21.77 and its two-hundred day moving average price is $20.68. First BanCorp. has a one year low of $16.40 and a one year high of $22.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $3.45 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.18 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The firm had revenue of $246.81 million for the quarter, compared to analyst estimates of $250.73 million. During the same quarter last year, the company earned $0.46 EPS. As a group, research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 25th. Shareholders of record on Tuesday, September 30th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.3%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is currently 38.30%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the sale, the chief executive officer owned 1,059,547 shares of the company’s stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of FBP. Norges Bank acquired a new stake in shares of First BanCorp. in the 2nd quarter valued at $41,404,000. Wellington Management Group LLP acquired a new stake in shares of First BanCorp. in the 1st quarter valued at $28,344,000. Nuveen LLC acquired a new stake in shares of First BanCorp. during the 1st quarter valued at $15,963,000. Qube Research & Technologies Ltd grew its position in First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after acquiring an additional 649,987 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in First BanCorp. by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after purchasing an additional 616,170 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.