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

Shares of First BanCorp. (NYSE:FBP) have earned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $25.8571.

A number of analysts have issued reports on the company. Truist Financial raised their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company raised their price objective on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price objective 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. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Tuesday, April 21st.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in shares of First BanCorp. by 14.4% during the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock worth $20,084,000 after purchasing an additional 114,931 shares during the last quarter. Citigroup Inc. boosted its holdings in First BanCorp. by 48.3% during the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after acquiring an additional 131,293 shares during the period. Bayforest Capital Ltd boosted its holdings in First BanCorp. by 191.9% during the 3rd quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock valued at $898,000 after acquiring an additional 26,772 shares during the period. Public Sector Pension Investment Board boosted its holdings in First BanCorp. by 11.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after acquiring an additional 73,168 shares during the period. Finally, Quent Capital LLC purchased a new position in First BanCorp. during the 4th quarter valued at about $1,874,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Up 1.1%

Shares of FBP opened at $23.36 on Friday. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $24.57. The company has a market capitalization of $3.61 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84. The stock has a fifty day simple moving average of $22.24 and a two-hundred day simple moving average of $21.49. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. During the same period last year, the company earned $0.47 EPS. As a group, equities analysts forecast that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is presently 35.56%.

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.