First BanCorp. (NYSE:FBP) Shares Pass Above 200-Day Moving Average – Should You Sell?

Shares of First BanCorp. (NYSE:FBP) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $22.94 and traded as high as $26.82. First BanCorp. shares last traded at $26.6190, with a volume of 824,299 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FBP shares. Truist Financial upped their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Piper Sandler upped their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Finally, Raymond James Financial increased their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Two 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.43.

First BanCorp. Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $4.12 billion, a PE ratio of 11.83, a PEG ratio of 1.69 and a beta of 0.82. The business’s 50-day moving average is $24.92 and its 200 day moving average is $22.94.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The business had revenue of $258.64 million during the quarter, compared to analyst estimates of $263.54 million. During the same period in the prior year, the business posted $0.47 earnings per share. On average, equities research analysts predict that First BanCorp. will post 2.26 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 28th were issued a $0.20 dividend. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. First BanCorp.’s payout ratio is currently 35.56%.

Institutional Investors Weigh In On First BanCorp.

Several institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its holdings in 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 acquiring an additional 560 shares during the period. EverSource Wealth Advisors LLC increased its stake in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares during the period. First Horizon Corp purchased a new position in First BanCorp. in the 4th quarter worth approximately $40,000. Jones Financial Companies Lllp increased its stake in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. Finally, State of Wyoming bought a new stake in First BanCorp. in the fourth quarter valued at approximately $64,000. 97.91% of the stock is currently 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.