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

First BanCorp. (NYSE:FBP) has earned a consensus recommendation of “Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $28.75.

Several research firms recently commented on FBP. Wells Fargo & Company lifted their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Piper Sandler raised their price target 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 lifted their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Benchmark boosted their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday.

First BanCorp. Price Performance

First BanCorp. stock opened at $28.78 on Wednesday. The stock has a 50-day moving average price of $25.66 and a two-hundred day moving average price of $23.37. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.00. The company has a market capitalization of $4.45 billion, a PE ratio of 12.14, a P/E/G ratio of 1.75 and a beta of 0.82. 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. (NYSE:FBP) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The company had revenue of $264.86 million for the quarter, compared to analysts’ expectations of $265.31 million. Analysts expect that First BanCorp. will post 2.36 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s payout ratio is currently 33.76%.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position 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 period. EverSource Wealth Advisors LLC increased its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares during the period. First Horizon Corp acquired a new stake in shares of First BanCorp. during the fourth quarter worth $40,000. Jones Financial Companies Lllp raised its stake in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares during the last quarter. Finally, State of Wyoming bought a new position in First BanCorp. during the fourth quarter worth $64,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.