First BanCorp. (NYSE:FBP) Receives $20.83 Consensus Price Target from Analysts

First BanCorp. (NYSE:FBP) has been given an average recommendation of “Moderate Buy” by the five brokerages that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $20.83.

Several brokerages have weighed in on FBP. Wells Fargo & Company increased their target price on shares of First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Hovde Group raised their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Piper Sandler started coverage on shares of First BanCorp. in a research note on Monday. They issued a “neutral” rating and a $22.00 price objective for the company. Finally, Raymond James started coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company.

First BanCorp. Trading Up 1.4 %

Shares of FBP stock opened at $21.44 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market cap of $3.57 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company has a 50-day moving average of $19.82 and a two-hundred day moving average of $18.14. First BanCorp. has a 1-year low of $12.72 and a 1-year high of $22.12.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same quarter last year, the firm posted $0.37 earnings per share. On average, analysts predict that First BanCorp. will post 1.73 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be paid a $0.16 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.99%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Buying and Selling

In related news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $21.65, for a total transaction of $164,799.80. Following the sale, the executive vice president now owns 89,420 shares of the company’s stock, valued at $1,935,943. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares in the company, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. Insiders sold 80,508 shares of company stock worth $1,748,251 over the last 90 days. 2.50% of the stock is owned by insiders.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC acquired a new stake in First BanCorp. during the fourth quarter worth approximately $26,000. Neo Ivy Capital Management acquired a new stake in First BanCorp. during the fourth quarter worth approximately $36,000. Strs Ohio raised its holdings in First BanCorp. by 206.3% during the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after purchasing an additional 3,300 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in First BanCorp. during the first quarter worth approximately $110,000. Finally, Headlands Technologies LLC acquired a new position in shares of First BanCorp. in the 4th quarter valued at $113,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.