First BanCorp. (NYSE:FBP) Sets New 12-Month High – Still a Buy?

Shares of First BanCorp. (NYSE:FBP) reached a new 52-week high on Thursday . The stock traded as high as $22.63 and last traded at $22.2610, with a volume of 201 shares. The stock had previously closed at $22.08.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FBP shares. Piper Sandler initiated coverage on First BanCorp. in a research report on Thursday, January 15th. They set a “neutral” rating and a $23.00 price target on the stock. Truist Financial lowered their target price on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 27th. UBS Group set a $25.00 price target on shares of First BanCorp. in a research note on Thursday, October 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 price objective (down previously from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Finally, Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and an average price target of $23.80.

First BanCorp. Stock Down 4.5%

The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.26 billion, a P/E ratio of 10.02, a PEG ratio of 1.20 and a beta of 0.88. The firm’s 50 day moving average price is $20.80 and its two-hundred day moving average price is $21.11.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $248.71 million for the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Equities research analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC bought a new stake in First BanCorp. during the second quarter worth about $29,000. EverSource Wealth Advisors LLC increased its position in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after buying an additional 2,262 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of First BanCorp. by 56.7% in the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after buying an additional 1,104 shares in 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.