First BanCorp. (NYSE:FBP) Sets New 12-Month High Following Earnings Beat

First BanCorp. (NYSE:FBP) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $28.90 and last traded at $27.5580, with a volume of 9253 shares traded. The stock had previously closed at $27.64.

The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The firm had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. First BanCorp.’s payout ratio is 35.56%.

More First BanCorp. News

Here are the key news stories impacting First BanCorp. this week:

• Positive Sentiment: First BanCorp reported Q2 earnings of $0.62 per share, beating the $0.54 consensus estimate and improving from $0.50 a year ago. Article Title
• Positive Sentiment: The bank also said return on equity was 17.51% and net margin was 28.31%, suggesting solid profitability in the quarter. Article Title
• Neutral Sentiment: Investors are also watching the earnings call transcript for more detail on loan growth, margin trends, credit quality, and management guidance. Article Title
• Neutral Sentiment: The company also declared a quarterly dividend of $0.20 per share, which supports the stock’s income appeal but is not likely the primary catalyst for today’s move. Article Title

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Raymond James Financial boosted their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, Piper Sandler raised their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Two equities 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 stock. According to MarketBeat.com, First BanCorp. presently has an average rating of “Buy” and an average target price of $27.88.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in First BanCorp. by 24.4% in the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after purchasing an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First BanCorp. by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after purchasing an additional 4,236 shares during the period. Jones Financial Companies Lllp raised its stake in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of First BanCorp. by 6.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock valued at $9,911,000 after purchasing an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Price Performance

The company’s 50 day moving average price is $25.44 and its 200-day moving average price is $23.26. The company has a market capitalization of $4.46 billion, a PE ratio of 12.81, a PEG ratio of 1.74 and a beta of 0.82. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

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.