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

First BanCorp. (NYSE:FBP) has been assigned an average rating of “Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $25.8571.

FBP has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Piper Sandler increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Raymond James Financial upgraded shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $26.00 to $27.00 in a research note on Monday, April 27th. Finally, Truist Financial increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently made changes to their positions in FBP. Fifth Third Bancorp grew its holdings in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of 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 last quarter. First Horizon Corp bought a new stake in shares of First BanCorp. in the 4th quarter worth about $40,000. Jones Financial Companies Lllp grew its holdings in shares of 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 last quarter. Finally, State of Wyoming bought a new stake in shares of First BanCorp. in the 4th quarter worth about $64,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

NYSE:FBP opened at $26.41 on Friday. The stock has a market cap of $4.08 billion, a P/E ratio of 11.74, a PEG ratio of 1.59 and a beta of 0.83. First BanCorp. has a one year low of $19.16 and a one year high of $26.80. The company has a fifty day moving average price of $24.34 and a 200 day moving average price of $22.52. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80.

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

First BanCorp. Dividend Announcement

The company also recently announced 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 of this dividend was Thursday, May 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. First BanCorp.’s dividend payout ratio is presently 35.56%.

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.