First BanCorp. (NYSE:FBP) Reaches New 12-Month High – What’s Next?

First BanCorp. (NYSE:FBP) shares hit a new 52-week high on Wednesday . The stock traded as high as $24.51 and last traded at $24.1760, with a volume of 1110895 shares traded. The stock had previously closed at $24.24.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FBP shares. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $26.00 to $27.00 in a research report on Monday. Truist Financial increased 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods increased 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. Finally, Wells Fargo & Company increased their price target on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average price target of $25.86.

First BanCorp. Price Performance

The stock has a market capitalization of $3.78 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 1.89 and a beta of 0.83. The stock’s 50 day moving average is $21.94 and its two-hundred day moving average is $21.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period last year, the company posted $0.47 EPS. On average, equities analysts anticipate that First BanCorp. will post 2.21 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. First BanCorp.’s dividend payout ratio (DPR) is currently 35.56%.

Insiders Place Their Bets

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the transaction, the director directly owned 637,019 shares of the company’s stock, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its stake in First BanCorp. by 4.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank’s stock worth $287,000 after purchasing an additional 508 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in First BanCorp. by 5.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock worth $234,000 after purchasing an additional 526 shares in the last quarter. California State Teachers Retirement System lifted its stake in First BanCorp. by 0.4% in the 2nd 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 in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of First BanCorp. by 4.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank’s stock worth $313,000 after buying an additional 557 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of First BanCorp. by 14.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank’s stock worth $106,000 after buying an additional 605 shares during the last quarter. 97.91% of the stock is 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.