First BanCorp. (NYSE:FBP) Sets New 1-Year High – Should You Buy?

First BanCorp. (NYSE:FBP) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $25.89 and last traded at $25.8530, with a volume of 42069 shares. The stock had previously closed at $25.74.

Wall Street Analyst Weigh In

FBP has been the subject of several analyst reports. Wells Fargo & Company increased their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Truist Financial lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $26.00 to $27.00 in a research report on Monday, April 27th. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. has a consensus rating of “Buy” and an average price target of $25.86.

First BanCorp. Trading Up 0.6%

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s 50 day moving average price is $24.19 and its 200 day moving average price is $22.45. The stock has a market capitalization of $4.08 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.57 and a beta of 0.83.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The company had revenue of $258.64 million for the quarter, compared to analysts’ expectations of $263.54 million. During the same period last year, the firm earned $0.47 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were issued a $0.20 dividend. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.0%. First BanCorp.’s dividend payout ratio (DPR) is 35.56%.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC purchased a new stake in First BanCorp. in the first quarter worth $3,078,000. Bank of America Corp DE boosted its holdings in First BanCorp. by 22.1% in the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank’s stock valued at $34,833,000 after acquiring an additional 294,888 shares in the last quarter. Edgestream Partners L.P. increased its position in First BanCorp. by 46.9% during the 1st quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank’s stock valued at $12,986,000 after purchasing an additional 193,981 shares during the period. Amundi increased its position in First BanCorp. by 64.8% during the 1st quarter. Amundi now owns 59,011 shares of the bank’s stock valued at $1,261,000 after purchasing an additional 23,201 shares during the period. Finally, California State Teachers Retirement System raised its holdings in First BanCorp. by 20.5% in the 1st quarter. California State Teachers Retirement System now owns 185,370 shares of the bank’s stock worth $3,960,000 after purchasing an additional 31,598 shares in 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.