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

First BanCorp. (NYSE:FBP) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $24.5833.

Several equities research analysts recently weighed in on FBP shares. Piper Sandler restated a “neutral” rating and set a $24.00 target price (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Truist Financial lifted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Hovde Group upped their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th.

Insider Transactions at First BanCorp.

In other news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the sale, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total value of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp bought a new position in First BanCorp. in the fourth quarter worth about $40,000. Hantz Financial Services Inc. lifted its holdings in First BanCorp. by 1,695.8% in the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after buying an additional 2,035 shares during the period. Jones Financial Companies Lllp boosted its position in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of First BanCorp. by 56.7% during the 3rd quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock worth $67,000 after acquiring an additional 1,104 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

FBP stock opened at $20.47 on Thursday. The firm has a market cap of $3.20 billion, a P/E ratio of 9.52, a P/E/G ratio of 1.28 and a beta of 0.87. The firm’s fifty day moving average is $21.69 and its 200 day moving average is $21.21. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81.

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

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, February 26th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, February 26th. First BanCorp.’s payout ratio is currently 37.21%.

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.