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

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $26.99 and last traded at $26.86, with a volume of 68641 shares trading hands. The stock had previously closed at $26.72.

Wall Street Analyst Weigh In

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

First BanCorp. Stock Performance

The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.71 and a beta of 0.82. The stock has a 50 day simple moving average of $25.10 and a 200 day simple moving average of $23.06. 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, topping analysts’ consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million for 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 prior year, the firm earned $0.47 EPS. As a group, analysts anticipate that First BanCorp. will post 2.26 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 28th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, May 28th. First BanCorp.’s dividend payout ratio is presently 35.56%.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of First BanCorp. during the fourth quarter valued at $42,138,000. Boston Partners increased its holdings in shares of First BanCorp. by 767.8% in the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after acquiring an additional 1,116,791 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of 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 acquiring an additional 871,860 shares during the period. Qube Research & Technologies Ltd lifted its position in First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after purchasing an additional 649,987 shares during the last quarter. Finally, Verition Fund Management LLC lifted its position 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 last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.