First BanCorp. (NYSE:FBP) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of First BanCorp. (NYSE:FBP) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $24.5833.

FBP has been the topic of a number of analyst reports. Hovde Group increased their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Wells Fargo & Company reduced their price objective on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Finally, UBS Group set a $25.00 price target on First BanCorp. in a research report on Thursday, October 9th.

First BanCorp. Price Performance

Shares of FBP opened at $22.14 on Wednesday. The business’s 50 day simple moving average is $21.00 and its 200-day simple moving average is $21.10. The company has a market capitalization of $3.50 billion, a P/E ratio of 10.30, a PEG ratio of 1.21 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a one year low of $16.40 and a one year high of $22.60.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same quarter last year, the company posted $0.46 EPS. As a group, sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, February 26th. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is presently 33.49%.

Insider Buying and Selling at First BanCorp.

In related news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of First BanCorp. in the second quarter valued at about $41,404,000. Boston Partners boosted its stake in First BanCorp. by 767.8% in 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 in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of First BanCorp. by 82.9% during 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. American Century Companies Inc. grew its stake in shares of First BanCorp. by 8.9% during 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 last quarter. Finally, Verition Fund Management LLC grew its position in First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after acquiring an additional 548,164 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.