First BanCorp. (NYSE:FBP) Given Consensus Rating of “Buy” by Brokerages

Shares of First BanCorp. (NYSE:FBP) have been assigned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $26.5714.

Several analysts have issued reports on the company. Truist Financial lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler increased their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Raymond James Financial upped their price target on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday.

First BanCorp. Stock Performance

Shares of FBP stock opened at $26.68 on Friday. 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 company has a market capitalization of $4.13 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 1.56 and a beta of 0.82. The company’s 50 day moving average price is $24.53 and its two-hundred day moving average price is $22.65. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $26.81.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share 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 company had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. On average, analysts expect that First BanCorp. will post 2.25 earnings per share for the current fiscal 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Thursday, May 28th. First BanCorp.’s payout ratio is currently 35.56%.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. Citigroup Inc. raised its holdings in First BanCorp. by 48.3% during the third quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock worth $8,884,000 after acquiring an additional 131,293 shares in the last quarter. Quent Capital LLC bought a new position in First BanCorp. in the fourth quarter valued at approximately $1,874,000. JPMorgan Chase & Co. increased its position in shares of First BanCorp. by 15.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,407,825 shares of the bank’s stock worth $31,043,000 after purchasing an additional 184,769 shares during the last quarter. Novem Group acquired a new position in shares of First BanCorp. during the 4th quarter worth approximately $1,138,000. Finally, SG Americas Securities LLC raised its stake in shares of First BanCorp. by 74.1% during the 4th quarter. SG Americas Securities LLC now owns 128,580 shares of the bank’s stock worth $2,665,000 after purchasing an additional 54,713 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.