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

First BanCorp. (NYSE:FBP) hit a new 52-week high on Monday . The company traded as high as $25.56 and last traded at $25.7380, with a volume of 1173132 shares. The stock had previously closed at $25.50.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Wells Fargo & Company boosted their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Truist Financial increased their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, Piper Sandler upped their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.86.

First BanCorp. Trading Up 0.1%

The stock has a market cap of $3.95 billion, a PE ratio of 11.36, a P/E/G ratio of 1.53 and a beta of 0.83. The firm has a 50-day simple moving average of $23.67 and a 200-day simple moving average of $22.14. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last announced 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. The company had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the previous year, the business earned $0.47 earnings per share. Equities analysts forecast that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently announced 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. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Thursday, May 28th. First BanCorp.’s payout ratio is presently 35.56%.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of First BanCorp. by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock valued at $445,017,000 after acquiring an additional 413,557 shares during the period. First Trust Advisors LP increased its holdings in First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock worth $103,858,000 after acquiring an additional 527,991 shares during the period. Price T Rowe Associates Inc. MD lifted its stake 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake 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 in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after purchasing an additional 548,164 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.