Brokerages Set First BanCorp. (NYSE:FBP) Price Target at $24.17

Shares of First BanCorp. (NYSE:FBP) have been assigned an average rating of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $24.5833.

A number of research firms recently weighed in on FBP. Truist Financial lifted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. Hovde Group raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday. UBS Group set a $25.00 price target on shares of First BanCorp. in a research note on Thursday, October 9th. Piper Sandler reiterated a “neutral” rating and issued a $24.00 price target (up previously from $23.00) on shares of First BanCorp. in a report on Friday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd.

Insiders Place Their Bets

In related news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction 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 transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D raised its stake in shares of First BanCorp. by 10.4% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 109,764 shares of the bank’s stock worth $2,275,000 after buying an additional 10,322 shares during the last quarter. Vest Financial LLC increased its holdings in First BanCorp. by 13.9% during the 4th quarter. Vest Financial LLC now owns 290,865 shares of the bank’s stock valued at $6,030,000 after acquiring an additional 35,517 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new position in First BanCorp. during the fourth quarter worth about $621,000. Pictet Asset Management Holding SA raised its position in First BanCorp. by 9.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 25,938 shares of the bank’s stock worth $538,000 after acquiring an additional 2,268 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in shares of First BanCorp. in the fourth quarter valued at about $1,874,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

NYSE FBP opened at $22.14 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3.50 billion, a P/E ratio of 10.30, a P/E/G ratio of 1.22 and a beta of 0.88. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.60. The firm has a 50-day moving average price of $21.00 and a 200 day moving average price of $21.11.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company earned $0.46 EPS. Equities research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be issued a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is currently 33.49%.

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.