Brokerages Set First BanCorp. (NYSE:FBP) PT at $24.33

First BanCorp. (NYSE:FBP) has earned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $24.3333.

Several research firms have recently weighed in on FBP. Wells Fargo & Company increased their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday. Truist Financial began coverage on shares of First BanCorp. in a research note on Thursday. They issued a “buy” rating and a $25.00 price target for the company. Finally, UBS Group set a $25.00 price target on shares of First BanCorp. in a research note on Thursday.

First BanCorp. Stock Performance

First BanCorp. stock opened at $20.97 on Thursday. The firm has a 50 day simple moving average of $21.69 and a 200-day simple moving average of $20.64. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.31 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The business had revenue of $246.81 million during the quarter, compared to analysts’ expectations of $250.73 million. During the same quarter in the prior year, the company posted $0.46 EPS. On average, analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be issued a $0.23 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a dividend yield of 4.4%. First BanCorp.’s dividend payout ratio is currently 38.30%.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Several large investors have recently made changes to their positions in FBP. Norges Bank acquired a new position in shares of First BanCorp. in the 2nd quarter worth approximately $41,404,000. Wellington Management Group LLP acquired a new position in shares of First BanCorp. in the 1st quarter worth approximately $28,344,000. Nuveen LLC acquired a new position in shares of First BanCorp. in the 1st quarter worth approximately $15,963,000. Qube Research & Technologies Ltd lifted its holdings in First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after buying an additional 649,987 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after buying an additional 616,170 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About First BanCorp.

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