First BanCorp. (NYSE:FBP) Upgraded at Zacks Research

Zacks Research upgraded shares of First BanCorp. (NYSE:FBP) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Several other research analysts have also weighed in on FBP. Raymond James Financial upped their target price on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a report on Thursday. Truist Financial boosted their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Benchmark boosted their price target on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $28.75.

First BanCorp. Trading Down 0.3%

First BanCorp. stock opened at $28.78 on Thursday. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.00. 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 $4.45 billion, a P/E ratio of 12.14, a P/E/G ratio of 1.75 and a beta of 0.82. The company’s fifty day simple moving average is $25.66 and its 200-day simple moving average is $23.35.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The business had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. As a group, sell-side analysts forecast that First BanCorp. will post 2.36 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. First BanCorp.’s dividend payout ratio is currently 33.76%.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of First BanCorp. by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after buying an additional 413,557 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after acquiring an additional 527,991 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of First BanCorp. by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock valued at $75,856,000 after acquiring an additional 171,580 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after acquiring an additional 871,860 shares in the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after acquiring an additional 548,164 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.