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

First BanCorp. (NYSE:FBP) has received an average rating of “Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, three have given a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $29.3750.

A number of equities analysts have recently weighed in on FBP shares. Benchmark boosted their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Wells Fargo & Company raised their target price on shares of First BanCorp. from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. Zacks Research raised shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Truist Financial lifted their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 13th.

First BanCorp. Price Performance

FBP stock opened at $27.77 on Thursday. The stock’s 50 day moving average price is $28.15 and its 200 day moving average price is $24.92. The firm has a market cap of $4.24 billion, a P/E ratio of 11.72, a PEG ratio of 1.51 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $29.88.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million for the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. On average, sell-side analysts expect that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Thursday, August 27th. First BanCorp.’s dividend payout ratio (DPR) is 33.76%.

Insider Activity at First BanCorp.

In related news, EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the sale, the executive vice president directly owned 230,398 shares of the company’s stock, valued at approximately $6,494,919.62. This represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roberto Herencia sold 26,350 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total value of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. This represents a 4.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 46,350 shares of company stock valued at $1,328,248. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in shares of First BanCorp. by 2,432.7% during the second quarter. California State Teachers Retirement System now owns 4,694,920 shares of the bank’s stock worth $122,397,000 after buying an additional 4,509,550 shares in the last quarter. Norges Bank acquired a new stake in First BanCorp. in the fourth quarter valued at $42,138,000. Boston Partners boosted its stake in First BanCorp. by 767.8% during the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after acquiring an additional 1,116,791 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in First BanCorp. by 48.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after acquiring an additional 871,860 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after acquiring an additional 649,987 shares in the last quarter. 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.