First BanCorp. (NYSE:FBP) Reaches New 52-Week High – Here’s What Happened

Shares of First BanCorp. (NYSE:FBP) reached a new 52-week high on Wednesday . The stock traded as high as $24.57 and last traded at $24.33, with a volume of 37168 shares traded. The stock had previously closed at $24.19.

Analysts Set New Price Targets

Several research firms have weighed in on FBP. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Wells Fargo & Company boosted their price objective on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Finally, Hovde Group increased their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $25.86.

First BanCorp. Price Performance

The business has a fifty day moving average of $21.97 and a 200-day moving average of $21.34. The firm has a market cap of $3.79 billion, a PE ratio of 10.81, a PEG ratio of 1.89 and a beta of 0.84. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $263.54 million. During the same quarter last year, the firm posted $0.47 EPS. As a group, research analysts predict that First BanCorp. will post 2.21 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. First BanCorp.’s dividend payout ratio (DPR) is presently 35.56%.

Insider Activity at First BanCorp.

In other news, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the transaction, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. This represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors have recently modified their holdings of FBP. Fifth Third Bancorp increased 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 valued at $30,000 after purchasing an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in First BanCorp. by 151.7% during the 2nd 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 bought a new position in First BanCorp. during the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. grew its position in 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 acquiring an additional 2,035 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its position in 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 acquiring an additional 2,262 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.