First BanCorp. (NYSE:FBP) Given Average Recommendation of “Buy” by Brokerages

First BanCorp. (NYSE:FBP) has earned a consensus recommendation of “Buy” from the seven research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $25.8571.

FBP has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Piper Sandler lifted their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Raymond James Financial raised shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $26.00 to $27.00 in a research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently made changes to their positions in FBP. Fifth Third Bancorp grew its stake 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 buying an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake 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 worth $39,000 after purchasing an additional 1,129 shares during the period. First Horizon Corp purchased a new position in shares of First BanCorp. during the 4th quarter worth about $40,000. Hantz Financial Services Inc. boosted its stake in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares during the period. Finally, Jones Financial Companies Lllp boosted 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. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $24.51 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $3.79 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.46 and a beta of 0.83. The firm’s fifty day moving average is $23.36 and its two-hundred day moving average is $21.99. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $24.73.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The company had revenue of $258.64 million for the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period in the previous year, the firm posted $0.47 EPS. As a group, analysts anticipate that First BanCorp. will post 2.25 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

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

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.