Brokerages Set First BanCorp. (NYSE:FBP) Target Price at $29.38

First BanCorp. (NYSE:FBP) has received a consensus rating of “Buy” from the nine ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and four have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $29.3750.

Several brokerages recently commented on FBP. Raymond James Financial lifted their target price 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. Zacks Research upgraded shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Benchmark raised their price target on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Truist Financial lifted their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st.

First BanCorp. Trading Down 0.7%

Shares of FBP stock opened at $28.26 on Friday. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.88. The company has a market cap of $4.31 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.53 and a beta of 0.81. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $27.50 and its two-hundred day moving average is $24.39.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. Equities analysts predict that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. First BanCorp.’s dividend payout ratio (DPR) is 33.76%.

Insider Buying and Selling

In other First BanCorp. news, EVP Nayda Rivera sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $29.59, for a total value of $295,900.00. Following the transaction, the executive vice president directly owned 240,398 shares of the company’s stock, valued at $7,113,376.82. The trade was a 3.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in First BanCorp. by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after acquiring an additional 413,557 shares during the period. First Trust Advisors LP boosted its holdings in First BanCorp. by 12.2% in the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after purchasing an additional 527,991 shares during the period. Price T Rowe Associates Inc. MD grew its position in First BanCorp. by 4.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock worth $75,856,000 after purchasing an additional 171,580 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after purchasing an additional 871,860 shares during the last quarter. Finally, Verition Fund Management LLC increased its holdings in shares of First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after purchasing an additional 548,164 shares during the period. Institutional investors and hedge funds 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.