First BanCorp. (NYSE:FBP) Releases Earnings Results, Beats Estimates By $0.08 EPS

First BanCorp. (NYSE:FBP) released its quarterly earnings data on Wednesday. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08, Zacks reports. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%.

First BanCorp. Price Performance

FBP stock opened at $27.59 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a one year low of $19.16 and a one year high of $27.89. The stock has a market cap of $4.27 billion, a PE ratio of 12.26, a P/E/G ratio of 1.73 and a beta of 0.82. The firm has a 50 day simple moving average of $25.33 and a two-hundred day simple moving average of $23.20.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 2.9%. First BanCorp.’s payout ratio is presently 35.56%.

Analyst Ratings Changes

FBP has been the topic of several recent analyst reports. Raymond James Financial increased their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Piper Sandler upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Wells Fargo & Company increased their price objective on First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Truist Financial lifted their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. presently has a consensus rating of “Buy” and an average price target of $27.88.

Institutional Trading of First BanCorp.

A number of hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd lifted its holdings in shares of First BanCorp. by 34.4% during the 4th quarter. XTX Topco Ltd now owns 22,013 shares of the bank’s stock worth $456,000 after acquiring an additional 5,636 shares during the last quarter. Voloridge Investment Management LLC increased its stake in First BanCorp. by 25.8% in the fourth quarter. Voloridge Investment Management LLC now owns 725,733 shares of the bank’s stock valued at $15,044,000 after acquiring an additional 148,626 shares during the last quarter. Wellington Management Group LLP raised its position in First BanCorp. by 7.9% during the fourth quarter. Wellington Management Group LLP now owns 797,081 shares of the bank’s stock valued at $16,523,000 after purchasing an additional 58,670 shares in the last quarter. Tudor Investment Corp ET AL raised its position in First BanCorp. by 57.3% during the fourth quarter. Tudor Investment Corp ET AL now owns 719,566 shares of the bank’s stock valued at $14,917,000 after purchasing an additional 262,168 shares in the last quarter. Finally, Numerai GP LLC lifted its stake in First BanCorp. by 212.1% during the fourth quarter. Numerai GP LLC now owns 291,643 shares of the bank’s stock worth $6,046,000 after purchasing an additional 198,195 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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.