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

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high on Wednesday . The company traded as high as $26.81 and last traded at $26.6850, with a volume of 686114 shares traded. The stock had previously closed at $26.07.

Analysts Set New Price Targets

FBP has been the topic of a number of recent analyst reports. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Wells Fargo & Company upped their target price on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Piper Sandler lifted their price target on shares of 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 boosted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Two 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’s stock. According to MarketBeat.com, First BanCorp. has a consensus rating of “Buy” and a consensus target price of $26.57.

First BanCorp. Price Performance

The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.56 and a beta of 0.83. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $24.46 and its 200-day moving average price is $22.62.

First BanCorp. (NYSE:FBP) last released its quarterly 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. The business had revenue of $258.64 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $0.47 EPS. As a group, equities research analysts forecast that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were issued a dividend of $0.20 per share. 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 35.56%.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its position in shares of First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after acquiring an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after acquiring an additional 1,129 shares during the last quarter. First Horizon Corp purchased a new position in shares of First BanCorp. during the fourth quarter worth approximately $40,000. Jones Financial Companies Lllp increased its holdings in shares of First BanCorp. by 328.8% in 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. Finally, State of Wyoming purchased a new stake in First BanCorp. in the 4th quarter valued at $64,000. 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.