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

First BanCorp. (NYSE:FBP) has been assigned an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $25.8571.

A number of research analysts have issued reports on FBP shares. Weiss Ratings raised First BanCorp. from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 18th. Truist Financial boosted their target price on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company boosted their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Piper Sandler boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd.

First BanCorp. Trading Down 1.0%

NYSE FBP opened at $23.75 on Tuesday. The stock has a 50-day simple moving average of $23.04 and a 200 day simple moving average of $21.85. The company has a market capitalization of $3.67 billion, a PE ratio of 10.56, a P/E/G ratio of 1.44 and a beta of 0.83. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $24.64.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same quarter in the prior year, the company posted $0.47 earnings per share. Research analysts forecast that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.’s payout ratio is presently 35.56%.

Institutional Inflows and Outflows

Several 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% during the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after buying an additional 413,557 shares during the period. First Trust Advisors LP raised its stake in First BanCorp. by 12.2% in the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after buying an additional 527,991 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of First BanCorp. by 4.9% during the fourth 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 during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of First BanCorp. by 48.7% during the first 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 during the period. Finally, Verition Fund Management LLC increased its stake in shares of First BanCorp. by 31.6% during the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after purchasing an additional 548,164 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

About First BanCorp.

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.