Janney Montgomery Scott LLC Raises Stake in First BanCorp. $FBP

Janney Montgomery Scott LLC boosted its position in shares of First BanCorp. (NYSE:FBP) by 8.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 498,453 shares of the bank’s stock after acquiring an additional 38,608 shares during the period. Janney Montgomery Scott LLC’s holdings in First BanCorp. were worth $10,647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased 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 worth $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp purchased a new position in First BanCorp. during the fourth quarter worth $40,000. Jones Financial Companies Lllp raised its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares during the last quarter. State of Wyoming purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $64,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of First BanCorp. during the fourth quarter valued at $74,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on FBP. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Raymond James Financial lifted their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Wells Fargo & Company raised their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Finally, Truist Financial boosted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, First BanCorp. has a consensus rating of “Buy” and a consensus price target of $26.57.

First BanCorp. Stock Down 1.2%

Shares of NYSE FBP opened at $26.37 on Friday. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $26.94. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day simple moving average is $24.57 and its 200-day simple moving average is $22.69.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same quarter in the prior year, the business posted $0.47 earnings per share. As a group, equities analysts anticipate 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 was paid on Friday, June 12th. Stockholders of record on Thursday, May 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. First BanCorp.’s dividend payout ratio (DPR) is presently 35.56%.

First BanCorp. 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.