First BanCorp. (NYSE:FBP) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of First BanCorp. (NYSE:FBP) from a hold rating to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other equities research analysts have also recently commented on FBP. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Piper Sandler increased their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Benchmark boosted their price target on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday. Three 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $28.75.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $28.78 on Thursday. The firm has a market capitalization of $4.45 billion, a P/E ratio of 12.14, a P/E/G ratio of 1.75 and a beta of 0.82. The firm’s 50-day moving average price is $25.66 and its 200-day moving average price is $23.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.00.

First BanCorp. (NYSE:FBP) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The company had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. Equities research analysts anticipate that First BanCorp. will post 2.36 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, September 11th. Investors of record on Thursday, August 27th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a 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.

A number of hedge funds have recently bought and sold shares of FBP. Fifth Third Bancorp grew its stake in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after acquiring an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $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 about $40,000. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares in the last quarter. Finally, State of Wyoming bought a new stake in First BanCorp. in the 4th quarter worth about $64,000. 97.91% of the stock is 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.