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

First BanCorp. (NYSE:FBP) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $24.5833.

A number of brokerages have recently issued reports on FBP. Truist Financial lifted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Hovde Group raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. Piper Sandler reissued a “neutral” rating and issued a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Finally, Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares of the company’s stock, valued at $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Roberto R. Herencia sold 4,723 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the transaction, the director owned 637,019 shares of the company’s stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of FBP. Vanguard Group Inc. lifted its position in First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after buying an additional 413,557 shares during the last quarter. American Century Companies Inc. grew its position in First BanCorp. by 8.9% during the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after acquiring an additional 616,170 shares during the last quarter. First Trust Advisors LP raised its stake in shares of First BanCorp. by 3.0% during the fourth quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank’s stock worth $89,850,000 after acquiring an additional 126,532 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of First BanCorp. by 4.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock worth $75,856,000 after acquiring an additional 171,580 shares in the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after acquiring an additional 548,164 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Up 0.8%

FBP opened at $20.74 on Thursday. The firm has a market capitalization of $3.25 billion, a P/E ratio of 9.65, a price-to-earnings-growth ratio of 1.28 and a beta of 0.87. First BanCorp. has a one year low of $16.40 and a one year high of $23.43. The company has a fifty day moving average price of $21.64 and a 200-day moving average price of $21.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The company had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same quarter last year, the business posted $0.46 earnings per share. Equities research analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Thursday, February 26th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.9%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, February 26th. First BanCorp.’s dividend payout ratio (DPR) is presently 37.21%.

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.