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

Shares of First BanCorp. (NYSE:FBP) have been given an average rating of “Moderate Buy” by the five research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $20.83.

FBP has been the topic of several research reports. Hovde Group upped their price objective on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company raised their price target on First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Piper Sandler started coverage on First BanCorp. in a report on Monday, August 26th. They set a “neutral” rating and a $22.00 price objective for the company. Finally, Raymond James initiated coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $20.66 on Friday. 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 business’s fifty day moving average price is $20.66 and its two-hundred day moving average price is $18.61. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period last year, the firm posted $0.37 EPS. As a group, analysts predict that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.10%. First BanCorp.’s payout ratio is currently 36.57%.

Insider Activity at First BanCorp.

In related news, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the transaction, the executive vice president now owns 232,340 shares in the company, valued at $5,002,280.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock worth $1,790,066 in the last ninety days. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in shares of First BanCorp. in the 4th quarter valued at about $32,590,000. Wellington Management Group LLP raised its position in shares of First BanCorp. by 2,172.9% in the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after buying an additional 993,819 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in First BanCorp. in the first quarter valued at about $16,719,000. Vanguard Group Inc. lifted its holdings in shares of First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after acquiring an additional 448,845 shares during the last quarter. Finally, LSV Asset Management boosted its position in First BanCorp. by 22.9% in the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after buying an additional 301,443 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.