First BanCorp. (NYSE:FBP) Hits New 12-Month High – Should You Buy?

First BanCorp. (NYSE:FBP) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $29.40 and last traded at $29.3370, with a volume of 500211 shares changing hands. The stock had previously closed at $28.99.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Benchmark increased their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Truist Financial boosted their target price on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Keefe, Bruyette & Woods upped their price target on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $28.75.

First BanCorp. Trading Up 0.1%

The business’s 50 day simple moving average is $26.45 and its 200 day simple moving average is $23.80. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.57 and a beta of 0.81. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The business had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. On average, research analysts expect that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 2.8%. First BanCorp.’s dividend payout ratio (DPR) is currently 33.76%.

Institutional Trading of First BanCorp.

Several institutional investors have recently modified their holdings of FBP. WINTON GROUP Ltd acquired a new position in First BanCorp. during the 4th quarter valued at about $5,222,000. Quent Capital LLC bought a new position in shares of First BanCorp. in the fourth quarter valued at approximately $1,874,000. Novem Group purchased a new position in shares of First BanCorp. during the fourth quarter valued at approximately $1,138,000. Thrivent Financial for Lutherans grew its holdings in First BanCorp. by 147.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank’s stock worth $7,667,000 after buying an additional 220,318 shares in the last quarter. Finally, Vanguard Group Inc. raised 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 valued at $445,017,000 after buying an additional 413,557 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.