First BanCorp. (NYSE:FBP) Given Consensus Rating of “Buy” by Brokerages

First BanCorp. (NYSE:FBP) has earned an average rating of “Buy” from the nine brokerages that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and four have given a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $29.3750.

Several brokerages have recently weighed in on FBP. Benchmark lifted their price objective on First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Piper Sandler upped their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Wells Fargo & Company raised their target price on First BanCorp. from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st.

Institutional Trading of First BanCorp.

Large investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in First BanCorp. by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock worth $3,151,000 after acquiring an additional 529 shares during the last quarter. Fifth Third Bancorp boosted its stake 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 in the last quarter. Measured Wealth Private Client Group LLC grew its holdings in shares of First BanCorp. by 1.9% during the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock worth $769,000 after purchasing an additional 656 shares during the last quarter. Baron Wealth Management LLC grew its holdings in shares of First BanCorp. by 7.1% during the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after purchasing an additional 1,011 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Up 1.1%

FBP opened at $29.71 on Friday. The business has a 50 day moving average of $27.17 and a 200-day moving average of $24.17. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 1.60 and a beta of 0.81. 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. has a 1-year low of $19.16 and a 1-year high of $29.78.

First BanCorp. (NYSE:FBP) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The business had revenue of $264.86 million for the quarter, compared to analyst estimates of $265.31 million. As a group, sell-side analysts anticipate that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently announced 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. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. First BanCorp.’s dividend payout ratio (DPR) is 33.76%.

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.