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

First BanCorp. (NYSE:FBP) has earned a consensus recommendation of “Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $25.8571.

FBP has been the subject of several research reports. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Truist Financial boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Piper Sandler boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd.

First BanCorp. Trading Up 0.1%

Shares of FBP stock opened at $24.31 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $24.64. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.46 and a beta of 0.83. The stock has a 50 day simple moving average of $23.29 and a 200-day simple moving average of $21.94.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $263.54 million. During the same period in the previous year, the business earned $0.47 earnings per share. On average, equities research analysts expect that First BanCorp. will post 2.25 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s payout ratio is presently 35.56%.

Institutional Trading of First BanCorp.

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in First BanCorp. by 14.4% in the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after buying an additional 114,931 shares in the last quarter. Citigroup Inc. grew its holdings in First BanCorp. by 48.3% in the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after buying an additional 131,293 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in First BanCorp. by 11.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after buying an additional 73,168 shares in the last quarter. Quent Capital LLC purchased a new stake in First BanCorp. in the 4th quarter valued at $1,874,000. Finally, Allianz Asset Management GmbH grew its holdings in First BanCorp. by 176.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock valued at $18,123,000 after buying an additional 524,256 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Company Profile

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.