First BanCorp. (NYSE:FBP) Research Coverage Started at Piper Sandler

Piper Sandler began coverage on shares of First BanCorp. (NYSE:FBP) in a research note released on Thursday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $23.00 target price on the bank’s stock.

Several other equities research analysts have also issued reports on FBP. Truist Financial dropped their price objective on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 27th. UBS Group set a $25.00 price objective on First BanCorp. in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price target (down previously from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Three investment analysts have rated the stock with 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 an average rating of “Moderate Buy” and an average target price of $23.80.

First BanCorp. Price Performance

FBP stock opened at $21.30 on Thursday. The firm has a 50 day moving average of $20.70 and a 200-day moving average of $21.12. The firm has a market capitalization of $3.36 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 1.18 and a beta of 0.88. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.60. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. The business had revenue of $248.71 million for the quarter, compared to analysts’ expectations of $256.25 million. During the same period in the prior year, the company posted $0.45 EPS. As a group, sell-side analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Friday, November 28th. First BanCorp.’s dividend payout ratio (DPR) is presently 34.95%.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in First BanCorp. in the 2nd quarter worth $41,404,000. Boston Partners grew its stake in shares of First BanCorp. by 767.8% during the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after buying an additional 1,116,791 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of First BanCorp. by 82.9% in the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after buying an additional 649,987 shares during the period. American Century Companies Inc. increased its holdings in shares of First BanCorp. by 8.9% in the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after buying an additional 616,170 shares during the period. Finally, Verition Fund Management LLC lifted its stake in shares of 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 acquiring an additional 548,164 shares during the last quarter. 97.91% of the stock is currently 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.