First BanCorp. (NYSE:FBP) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of First BanCorp. (NYSE:FBPGet Rating) from a buy rating to a hold rating in a report issued on Monday.

Separately, Zacks Investment Research upgraded First BanCorp. from a hold rating to a buy rating and set a $14.00 target price for the company in a research note on Monday, April 11th.

First BanCorp. stock traded up $0.31 during trading hours on Monday, reaching $13.92. 1,509,759 shares of the company were exchanged, compared to its average volume of 2,018,443. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 9.60, a PEG ratio of 1.63 and a beta of 1.10. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $13.43 and a 200 day moving average of $13.91. First BanCorp. has a 12 month low of $10.88 and a 12 month high of $16.62.

First BanCorp. (NYSE:FBPGet Rating) last announced its earnings results on Thursday, April 28th. The bank reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. First BanCorp. had a return on equity of 15.21% and a net margin of 32.77%. The firm had revenue of $218.48 million during the quarter, compared to analysts’ expectations of $213.55 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis. As a group, research analysts forecast that First BanCorp. will post 1.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 10th. Stockholders of record on Wednesday, May 25th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, May 24th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.45%. First BanCorp.’s dividend payout ratio (DPR) is 27.59%.

In other news, Director Roberto R. Herencia sold 100,000 shares of the firm’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $14.11, for a total value of $1,411,000.00. Following the completion of the sale, the director now directly owns 732,484 shares in the company, valued at $10,335,349.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Shell Asset Management Co. boosted its holdings in First BanCorp. by 2.2% in the fourth quarter. Shell Asset Management Co. now owns 32,713 shares of the bank’s stock valued at $451,000 after acquiring an additional 715 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in First BanCorp. by 5.3% during the fourth quarter. Squarepoint Ops LLC now owns 15,339 shares of the bank’s stock worth $211,000 after buying an additional 776 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in First BanCorp. by 2.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 37,955 shares of the bank’s stock worth $523,000 after buying an additional 881 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in First BanCorp. by 62.5% during the third quarter. O Shaughnessy Asset Management LLC now owns 2,386 shares of the bank’s stock worth $31,000 after buying an additional 918 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its holdings in First BanCorp. by 3.5% during the first quarter. Mutual of America Capital Management LLC now owns 29,082 shares of the bank’s stock worth $382,000 after buying an additional 986 shares during the last quarter. Institutional investors and hedge funds own 92.81% of the company’s stock.

First BanCorp. Company Profile (Get Rating)

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

Further Reading

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