First BanCorp. (NYSE:FBP) Hits New 1-Year High – Time to Buy?

First BanCorp. (NYSE:FBP) reached a new 52-week high on Wednesday . The company traded as high as $24.64 and last traded at $24.4190, with a volume of 25394 shares changing hands. The stock had previously closed at $24.46.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FBP. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Truist Financial increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Raymond James Financial upgraded shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $26.00 to $27.00 in a report on Monday, April 27th. Hovde Group lifted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Finally, Piper Sandler upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.86.

First BanCorp. Trading Down 0.1%

The firm has a market cap of $3.78 billion, a P/E ratio of 10.85, a PEG ratio of 1.44 and a beta of 0.84. The firm’s fifty day moving average is $22.76 and its two-hundred day moving average is $21.74. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The business had revenue of $258.64 million during the quarter, compared to analyst estimates of $263.54 million. During the same period in the prior year, the business earned $0.47 EPS. Analysts predict that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. First BanCorp.’s payout ratio is currently 35.56%.

Institutional Trading of First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in First BanCorp. during the 4th quarter valued at approximately $42,138,000. Boston Partners grew its holdings in shares of First BanCorp. by 767.8% during the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after acquiring an additional 1,116,791 shares during the period. Arrowstreet Capital Limited Partnership raised its position 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 worth $56,854,000 after acquiring an additional 871,860 shares in the last quarter. Qube Research & Technologies Ltd lifted its stake in shares of First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after purchasing an additional 649,987 shares during the period. Finally, Verition Fund Management LLC lifted 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 purchasing an additional 548,164 shares during the period. 97.91% of the stock is currently owned by hedge funds and other 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.