First BanCorp. (NYSE:FBP) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of First BanCorp. (NYSE:FBP) have earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $24.5833.

FBP has been the topic of a number of analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Truist Financial increased their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $24.00 target price (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th.

First BanCorp. Stock Up 0.8%

FBP stock opened at $22.75 on Friday. The firm has a market cap of $3.59 billion, a PE ratio of 10.58, a PEG ratio of 1.41 and a beta of 0.88. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $23.43. The company has a fifty day simple moving average of $21.74 and a 200 day simple moving average of $21.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The company had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. During the same period last year, the company earned $0.46 earnings per share. Sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be paid a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. First BanCorp.’s dividend payout ratio is presently 33.49%.

Insider Activity

In related news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares in the company, valued at $1,391,537.07. This represents a 35.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares in the company, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd boosted its holdings in First BanCorp. by 34.4% in the 4th quarter. XTX Topco Ltd now owns 22,013 shares of the bank’s stock valued at $456,000 after purchasing an additional 5,636 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of First BanCorp. by 25.8% in the fourth quarter. Voloridge Investment Management LLC now owns 725,733 shares of the bank’s stock valued at $15,044,000 after buying an additional 148,626 shares during the period. Wellington Management Group LLP lifted its stake in shares of First BanCorp. by 7.9% in the fourth quarter. Wellington Management Group LLP now owns 797,081 shares of the bank’s stock valued at $16,523,000 after buying an additional 58,670 shares during the period. Tudor Investment Corp ET AL grew its position in First BanCorp. by 57.3% during the fourth quarter. Tudor Investment Corp ET AL now owns 719,566 shares of the bank’s stock worth $14,917,000 after buying an additional 262,168 shares in the last quarter. Finally, Numerai GP LLC increased its stake in First BanCorp. by 212.1% during the fourth quarter. Numerai GP LLC now owns 291,643 shares of the bank’s stock valued at $6,046,000 after acquiring an additional 198,195 shares during the period. Institutional investors own 97.91% of the company’s stock.

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.