First BanCorp. (NYSE:FBP) Receives $27.88 Average Price Target from Brokerages

Shares of First BanCorp. (NYSE:FBP) have earned an average recommendation of “Buy” from the nine analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $28.75.

Several analysts have recently commented on the stock. Truist Financial increased their target price on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 13th. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Zacks Research raised shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Benchmark increased their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, Raymond James Financial lifted their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st.

First BanCorp. Trading Up 1.8%

Shares of First BanCorp. stock opened at $29.29 on Wednesday. The company has a market capitalization of $4.53 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.74 and a beta of 0.82. The stock has a fifty day simple moving average of $25.88 and a 200 day simple moving average of $23.48. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $29.30. 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 issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million for the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. On average, sell-side analysts anticipate that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th 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 2.7%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s dividend payout ratio (DPR) is presently 33.76%.

Institutional Trading of First BanCorp.

A number of hedge funds have recently bought and sold shares of FBP. Fifth Third Bancorp boosted its position in First BanCorp. by 64.9% in the first 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 increased its position in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the last quarter. First Horizon Corp purchased a new stake in shares of First BanCorp. during the 4th quarter valued at $40,000. Jones Financial Companies Lllp raised its stake in shares of First BanCorp. by 328.8% during 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 period. Finally, State of Wyoming bought a new stake in shares of First BanCorp. during the 4th quarter worth $64,000. 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.