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

First BanCorp. (NYSE:FBP)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $22.94 and traded as high as $26.82. First BanCorp. shares last traded at $26.6190, with a volume of 824,299 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday. Raymond James Financial upped their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Piper Sandler raised their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods increased 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. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $27.88.

First BanCorp. Trading Up 1.4%

The company’s 50-day moving average is $24.97 and its 200-day moving average is $22.97. 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 firm has a market cap of $4.19 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.68 and a beta of 0.82.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating 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 firm had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. During the same quarter last year, the company posted $0.47 EPS. On average, research analysts predict that First BanCorp. will post 2.26 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 28th were issued a $0.20 dividend. 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 currently 35.56%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock valued at $445,017,000 after buying an additional 413,557 shares during the period. First Trust Advisors LP boosted its holdings in First BanCorp. by 12.2% in the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after acquiring an additional 527,991 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 acquiring an additional 171,580 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in First BanCorp. by 48.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after purchasing an additional 871,860 shares during the period. Finally, Verition Fund Management LLC increased its position 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 worth $50,365,000 after purchasing an additional 548,164 shares during the period. Institutional investors and hedge funds 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.