First BanCorp. (NYSE:FBP) Research Coverage Started at Benchmark

Benchmark began coverage on shares of First BanCorp. (NYSE:FBP) in a research report report published on Wednesday, MarketBeat.com reports. The brokerage issued a buy rating and a $31.00 price target on the bank’s stock.

FBP has been the topic of several other research reports. Piper Sandler boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Wells Fargo & Company raised their price target on First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Raymond James Financial boosted their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. presently has a consensus rating of “Buy” and a consensus target price of $27.88.

First BanCorp. Stock Performance

NYSE:FBP opened at $27.41 on Wednesday. The firm’s fifty day simple moving average is $25.17 and its 200-day simple moving average is $23.09. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a market cap of $4.24 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.76 and a beta of 0.82. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $27.89.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The firm had revenue of $258.64 million for the quarter, compared to the consensus estimate of $263.54 million. During the same quarter in the previous year, the firm earned $0.47 earnings per share. Analysts expect that First BanCorp. will post 2.26 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is currently 35.56%.

Institutional Trading of First BanCorp.

A number of hedge funds have recently bought and sold shares of the company. Baron Wealth Management LLC grew its stake in First BanCorp. by 22.0% in the 2nd quarter. Baron Wealth Management LLC now owns 18,551 shares of the bank’s stock worth $484,000 after acquiring an additional 3,344 shares during the period. NewEdge Advisors LLC purchased a new stake in shares of First BanCorp. in the first quarter valued at $3,078,000. Bank of America Corp DE increased its stake 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 purchasing an additional 294,888 shares during the last quarter. Edgestream Partners L.P. lifted its position in First BanCorp. by 46.9% during the first quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank’s stock worth $12,986,000 after buying an additional 193,981 shares during the period. Finally, Amundi boosted its stake in First BanCorp. by 64.8% in the 1st quarter. Amundi now owns 59,011 shares of the bank’s stock worth $1,261,000 after buying an additional 23,201 shares during the last quarter. Institutional investors and hedge funds 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.