First BanCorp. (NYSE:FBP) Hits New 1-Year High – Time to Buy?

First BanCorp. (NYSE:FBP)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.64 and last traded at $24.4190, with a volume of 25394 shares traded. The stock had previously closed at $24.46.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price target on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Hovde Group raised their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $26.00 to $27.00 in a report on Monday, April 27th. Finally, Weiss Ratings upgraded First BanCorp. from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.86.

First BanCorp. Stock Down 0.1%

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a 50-day simple moving average of $22.76 and a two-hundred day simple moving average of $21.74. The firm has a market cap of $3.78 billion, a PE ratio of 10.85, a P/E/G ratio of 1.44 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the prior year, the company earned $0.47 EPS. Analysts expect that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is presently 35.56%.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in First BanCorp. by 14.4% in the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock worth $20,084,000 after purchasing an additional 114,931 shares during the period. Citigroup Inc. boosted its position in First BanCorp. by 48.3% during the third quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after buying an additional 131,293 shares during the period. Public Sector Pension Investment Board boosted its position in First BanCorp. by 11.7% during the third quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after buying an additional 73,168 shares during the period. Quent Capital LLC bought a new position in shares of First BanCorp. during the fourth quarter valued at about $1,874,000. Finally, Allianz Asset Management GmbH grew its stake in shares of First BanCorp. by 176.1% during the third quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock valued at $18,123,000 after buying an additional 524,256 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.