First BanCorp. (NYSE:FBP) Rating Increased to Strong-Buy at Benchmark

Benchmark upgraded shares of First BanCorp. (NYSE:FBP) to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

FBP has been the topic of a number of other reports. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Truist Financial lifted their target price on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday. Piper Sandler boosted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Raymond James Financial increased their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $27.88.

First BanCorp. Stock Up 1.4%

First BanCorp. stock opened at $27.09 on Wednesday. The stock has a 50 day moving average of $25.02 and a two-hundred day moving average of $23.01. First BanCorp. has a twelve month low of $19.16 and a twelve month high of $27.25. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.69 and a beta of 0.82. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $263.54 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. As a group, research analysts expect that First BanCorp. will post 2.26 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were given a $0.20 dividend. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.0%. First BanCorp.’s dividend payout ratio is presently 35.56%.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently made changes to their positions in FBP. Royal Bank of Canada lifted its stake in shares of First BanCorp. by 24.4% in the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after purchasing an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock valued at $1,847,000 after buying an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after acquiring an additional 29,631 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after acquiring an additional 402,488 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.