First BanCorp. (NYSE:FBP) Hits New 1-Year High on Better-Than-Expected Earnings

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $28.90 and last traded at $27.5580, with a volume of 9253 shares traded. The stock had previously closed at $27.64.

The bank reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, August 27th. First BanCorp.’s dividend payout ratio is 35.56%.

Wall Street Analyst Weigh In

FBP has been the subject of a number of recent research reports. Raymond James Financial increased their target price on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Truist Financial lifted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Wells Fargo & Company upped their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Finally, Benchmark began coverage on First BanCorp. in a report on Wednesday, July 15th. They set a “buy” rating and a $31.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $27.88.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp increased 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 purchasing an additional 560 shares during the period. EverSource Wealth Advisors LLC raised its holdings in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,129 shares in the last quarter. First Horizon Corp acquired a new position in First BanCorp. in the 4th quarter valued at $40,000. Jones Financial Companies Lllp lifted its position 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 valued at $57,000 after acquiring 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 valued at $64,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Trading Up 0.1%

The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.73 and a beta of 0.82. 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 firm has a fifty day moving average price of $25.33 and a 200-day moving average price of $23.20.

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.