First BanCorp. (NYSE:FBP) Hits New 12-Month High – Here’s What Happened

First BanCorp. (NYSE:FBP) reached a new 52-week high on Tuesday . The company traded as high as $29.17 and last traded at $28.7180, with a volume of 1480746 shares. The stock had previously closed at $28.82.

Analyst Ratings Changes

A number of analysts have recently commented on FBP shares. Zacks Research upgraded First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Benchmark increased their target price on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Truist Financial lifted their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Raymond James Financial boosted their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $28.75.

First BanCorp. Stock Performance

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’s 50 day simple moving average is $25.98 and its 200-day simple moving average is $23.53. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.74 and a beta of 0.82.

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

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s dividend payout ratio is currently 33.76%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd acquired a new position in First BanCorp. during the fourth quarter worth $5,222,000. Quent Capital LLC acquired a new stake in shares of First BanCorp. in the 4th quarter worth $1,874,000. Novem Group acquired a new stake in shares of First BanCorp. in the 4th quarter worth $1,138,000. SG Americas Securities LLC raised its holdings in shares of First BanCorp. by 74.1% during the 4th quarter. SG Americas Securities LLC now owns 128,580 shares of the bank’s stock worth $2,665,000 after acquiring an additional 54,713 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in shares of First BanCorp. by 147.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank’s stock valued at $7,667,000 after acquiring an additional 220,318 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other 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.