First BanCorp. (NYSE:FBP) Receives $27.88 Consensus Price Target from Analysts

Shares of First BanCorp. (NYSE:FBP) have earned an average recommendation of “Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $28.75.

A number of research analysts have recently weighed in on FBP shares. Keefe, Bruyette & Woods increased their price target on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research note on Thursday. Raymond James Financial upped their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Wells Fargo & Company increased their target price on First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Truist Financial lifted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 13th.

First BanCorp. Stock Performance

FBP stock opened at $28.78 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $29.00. The stock has a market capitalization of $4.45 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.75 and a beta of 0.82. The company has a 50 day moving average price of $25.66 and a 200 day moving average price of $23.35.

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

First BanCorp. Dividend Announcement

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

Hedge Funds Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of First BanCorp. by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after acquiring an additional 413,557 shares during the period. First Trust Advisors LP raised its stake in First BanCorp. by 12.2% in the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock worth $103,858,000 after purchasing an additional 527,991 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of First BanCorp. by 4.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock valued at $75,856,000 after buying an additional 171,580 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in 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 First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Institutional investors 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.