First BanCorp. (NYSE:FBP) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

First BanCorp. (NYSE:FBP) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.11 and traded as high as $21.87. First BanCorp. shares last traded at $21.4550, with a volume of 1,457,959 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FBP. Truist Financial reduced their price target on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. UBS Group set a $25.00 price target on shares of First BanCorp. in a report on Thursday, October 9th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $24.00 target price (down from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, First BanCorp. has an average rating of “Moderate Buy” and an average price target of $24.00.

First BanCorp. Stock Performance

The firm’s 50 day moving average price is $20.56 and its 200-day moving average price is $21.12. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 1.20 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. The firm had revenue of $248.71 million during the quarter, compared to the consensus estimate of $256.25 million. During the same period in the prior year, the firm earned $0.45 EPS. On average, analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, November 28th. First BanCorp.’s dividend payout ratio (DPR) is 34.95%.

Institutional Trading of First BanCorp.

Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock worth $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 acquiring an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% during the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 worth $9,911,000 after purchasing an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC increased its position in shares of First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after purchasing an additional 402,488 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.