First BanCorp. (NYSE:FBP) Hits New 12-Month High – Still a Buy?

First BanCorp. (NYSE:FBP) shares hit a new 52-week high on Thursday . The stock traded as high as $29.49 and last traded at $29.3970, with a volume of 25639 shares trading hands. The stock had previously closed at $29.21.

Analyst Upgrades and Downgrades

FBP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Wells Fargo & Company boosted their target price on First BanCorp. from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Monday. Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Piper Sandler increased their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Finally, Truist Financial increased their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $29.38.

First BanCorp. Price Performance

The stock’s 50 day simple moving average is $26.96 and its 200-day simple moving average is $24.07. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81. 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. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. Equities research analysts anticipate that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.7%. First BanCorp.’s payout ratio is currently 33.76%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System increased its stake in First BanCorp. by 0.4% during the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock worth $3,151,000 after purchasing an additional 529 shares during the period. Fifth Third Bancorp lifted its position in shares of First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares in the last quarter. Measured Wealth Private Client Group LLC boosted its stake in shares of First BanCorp. by 1.9% in the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock valued at $769,000 after purchasing an additional 656 shares during the period. Baron Wealth Management LLC boosted its stake in shares of First BanCorp. by 7.1% in the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,011 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the period. 97.91% of the stock is 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.