First BanCorp. (NYSE:FBP) Hits New 52-Week High – Time to Buy?

First BanCorp. (NYSE:FBP) shares hit a new 52-week high during trading on Monday . The company traded as high as $22.67 and last traded at $22.62, with a volume of 152247 shares traded. The stock had previously closed at $22.12.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FBP shares. Piper Sandler reaffirmed a “neutral” rating and set a $24.00 price objective (up previously from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Keefe, Bruyette & Woods raised their price objective 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. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. UBS Group set a $25.00 price target on shares of First BanCorp. in a research report on Thursday, October 9th. Finally, Truist Financial boosted their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.58.

First BanCorp. Trading Up 0.4%

The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3.62 billion, a PE ratio of 10.67, a P/E/G ratio of 1.22 and a beta of 0.88. The stock has a 50 day moving average price of $21.12 and a 200-day moving average price of $21.11.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The company had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same quarter in the prior year, the company earned $0.46 earnings per share. Sell-side analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is presently 37.21%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Rock Point Advisors LLC grew its stake in shares of First BanCorp. by 12.2% during the 4th quarter. Rock Point Advisors LLC now owns 360,611 shares of the bank’s stock valued at $7,475,000 after acquiring an additional 39,165 shares during the period. Versor Investments LP purchased a new position in First BanCorp. during the fourth quarter valued at approximately $481,000. Horizon Investments LLC boosted its position in shares of First BanCorp. by 7.6% in the fourth quarter. Horizon Investments LLC now owns 71,786 shares of the bank’s stock worth $1,488,000 after purchasing an additional 5,053 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of First BanCorp. by 10.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 109,764 shares of the bank’s stock worth $2,275,000 after purchasing an additional 10,322 shares during the period. Finally, Vest Financial LLC increased its stake in shares of First BanCorp. by 13.9% in the fourth quarter. Vest Financial LLC now owns 290,865 shares of the bank’s stock worth $6,030,000 after purchasing an additional 35,517 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.