First BanCorp.’s (FBP) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of First BanCorp. (NYSE:FBP) in a research report sent to investors on Monday, MarketBeat reports. Keefe, Bruyette & Woods currently has a $24.00 target price on the bank’s stock, down from their prior target price of $26.00.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Wells Fargo & Company raised their target price on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. UBS Group set a $25.00 price target on shares of First BanCorp. in a report on Thursday, October 9th. Finally, Truist Financial assumed coverage on shares of First BanCorp. in a research note on Thursday, October 9th. They issued a “buy” rating and a $25.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

First BanCorp. Price Performance

NYSE FBP opened at $19.21 on Monday. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.60. The business’s fifty day moving average is $21.60 and its two-hundred day moving average is $20.88. The stock has a market capitalization of $3.08 billion, a P/E ratio of 9.33, a P/E/G ratio of 1.04 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, October 23rd. The bank reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. The business had revenue of $30.79 million during the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period last year, the company posted $0.45 EPS. On average, research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.’s payout ratio is currently 34.95%.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer owned 1,059,547 shares in the company, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in shares of First BanCorp. in the second quarter worth about $29,000. EverSource Wealth Advisors LLC raised its stake 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 valued at $39,000 after acquiring an additional 1,129 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in 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. Quarry LP boosted its position in First BanCorp. by 191.2% during the first quarter. Quarry LP now owns 3,585 shares of the bank’s stock worth $69,000 after purchasing an additional 2,354 shares during the period. Finally, Covestor Ltd grew its holdings in First BanCorp. by 19.6% during the first quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock valued at $83,000 after purchasing an additional 711 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.