First BanCorp.’s (FBP) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of First BanCorp. (NYSE:FBP) in a report published on Monday morning,Benzinga reports. They currently have a $28.00 price target on the bank’s stock, down from their prior price target of $30.00.

Other analysts also recently issued research reports about the company. Benchmark raised their price objective on First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “buy (a-)” rating on shares of First BanCorp. in a research report on Thursday, August 27th. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday. Zacks Research downgraded First BanCorp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 23rd. Finally, Truist Financial upped their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

First BanCorp. Stock Down 0.1%

FBP opened at $26.23 on Monday. First BanCorp. has a 1-year low of $19.28 and a 1-year high of $29.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 11.08, a P/E/G ratio of 1.17 and a beta of 0.85. The business has a 50 day moving average of $27.05 and a 200-day moving average of $25.15.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. The firm had revenue of $260.12 million during the quarter, compared to the consensus estimate of $274.32 million. First BanCorp. had a net margin of 28.67% and a return on equity of 18.87%. As a group, sell-side analysts anticipate that First BanCorp. will post 2.42 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 27th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. First BanCorp.’s payout ratio is presently 33.76%.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the sale, the executive vice president directly owned 230,398 shares in the company, valued at $6,494,919.62. This trade represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roberto R. Herencia sold 26,350 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director directly owned 610,669 shares in the company, valued at $17,391,853.12. This represents a 4.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 46,350 shares of company stock valued at $1,328,248. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Large investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of First BanCorp. in the third quarter valued at about $26,000. Fifth Third Bancorp grew its holdings in shares of First BanCorp. by 64.9% during the first 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. Reyes Financial Architecture Inc. acquired a new stake in First BanCorp. in the 3rd quarter valued at approximately $32,000. Farther Finance Advisors LLC raised its position in First BanCorp. by 161.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the bank’s stock valued at $54,000 after buying an additional 1,261 shares during the last quarter. Finally, Addison Advisors LLC bought a new stake in First BanCorp. in the 3rd quarter valued at approximately $58,000. Institutional investors own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp. is a financial holding company and the parent of FirstBank Puerto Rico, which provides retail and commercial banking services. Its offerings include deposit accounts, consumer and business loans, mortgages, credit cards, and digital banking services. Founded in 1948, FirstBank serves customers in Puerto Rico and the U.S. Virgin Islands, with banking operations also in the British Virgin Islands. The company serves individuals, businesses, and public-sector clients through branch, online, and other banking channels.