First BanCorp. (NYSE:FBP) Hits New 1-Year High – What’s Next?

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $24.64 and last traded at $24.6450, with a volume of 774257 shares. The stock had previously closed at $24.32.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FBP. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $26.00 to $27.00 in a research note on Monday, April 27th. Piper Sandler boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note 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. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, Truist Financial upped their target price on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Two 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 company. Based on data from MarketBeat.com, First BanCorp. presently has a consensus rating of “Buy” and a consensus target price of $25.86.

First BanCorp. Trading Up 1.2%

The stock has a 50-day moving average of $23.29 and a 200 day moving average of $21.96. The stock has a market cap of $3.81 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. 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 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 firm had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Dividend Announcement

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

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its position in First BanCorp. by 64.9% in the 1st 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. EverSource Wealth Advisors LLC boosted its position in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp acquired a new position in shares of First BanCorp. during the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. raised its stake in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after buying an additional 2,035 shares during the period. Finally, Jones Financial Companies Lllp raised its stake 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 worth $57,000 after buying an additional 2,262 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.