First BanCorp. (FBP) - What Are Researchers Saying About This Stock?

Key Points

• Analyst sentiment is moderately bullish: Nine analysts give First BanCorp. an average “Moderate Buy” rating, with a consensus 12-month price target of $29.86 versus the stock’s $26.71 opening price.
• Quarterly earnings exceeded expectations, with EPS of $0.63 compared with the $0.59 consensus estimate, although revenue of $260.12 million fell short of the $274.32 million forecast.
• First BanCorp. raised its quarterly dividend to $0.25 from $0.20, implying a $1.00 annual payout and a 3.7% yield; meanwhile, insiders sold $1.33 million worth of shares in the latest quarter.

First BanCorp. (NYSE:FBP - Get Free Report) has been given an average rating of "Moderate Buy" by the nine analysts that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $29.86.

Several research analysts have commented on FBP shares. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $33.00 to $32.00 and set an "overweight" rating for the company in a research note on Tuesday, September 29th. Weiss Ratings reiterated a "buy (a-)" rating on shares of First BanCorp. in a report on Thursday, August 27th. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $27.00 to $31.00 and gave the company a "market perform" rating in a research note on Thursday, July 23rd. Benchmark lifted their price objective on First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Truist Financial increased their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, July 13th.

First BanCorp. Stock Up 0.1%

FBP stock opened at $26.71 on Friday. The stock has a market capitalization of $4.08 billion, a P/E ratio of 11.27, a P/E/G ratio of 1.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $19.19 and a 1-year high of $29.88. The business has a fifty day moving average price of $27.39 and a 200-day moving average price of $24.92.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. The business had revenue of $260.12 million for the quarter, compared to the consensus estimate of $274.32 million. First BanCorp. had a net margin of 28.67% and a return on equity of 18.87%. Equities analysts forecast that First BanCorp. will post 2.41 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 27th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, November 27th. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.20. First BanCorp.'s payout ratio is currently 33.76%.

Insiders Place Their Bets

In other news, EVP Nayda Rivera sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the executive vice president directly owned 230,398 shares in the company, valued at $6,494,919.62. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roberto R. Herencia sold 26,350 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the transaction, the director owned 610,669 shares of the company's stock, valued at $17,391,853.12. This represents a 4.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 46,350 shares of company stock worth $1,328,248 in the last quarter. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of FBP. Bank of America Corp DE grew its holdings in First BanCorp. by 22.1% in the 1st quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank's stock valued at $34,833,000 after buying an additional 294,888 shares in the last quarter. SummerHaven Investment Management LLC acquired a new stake in First BanCorp. during the third quarter worth about $1,102,000. NewEdge Advisors LLC boosted its holdings in First BanCorp. by 42.8% in the 2nd quarter. NewEdge Advisors LLC now owns 205,731 shares of the bank's stock valued at $5,363,000 after purchasing an additional 61,624 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in First BanCorp. by 376.6% in the 1st quarter. Hsbc Holdings PLC now owns 101,977 shares of the bank's stock valued at $2,168,000 after purchasing an additional 80,582 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of First BanCorp. by 48.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock worth $56,854,000 after buying an additional 871,860 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About First BanCorp.

First BanCorp. is a bank holding company headquartered in San Juan, Puerto Rico. Its principal subsidiary, FirstBank Puerto Rico, provides a broad range of financial products and services to individuals, businesses and government-related entities. The company's offerings include consumer and commercial lending, residential mortgages, deposit accounts, cash-management services, credit cards, electronic banking and other financial solutions.

FirstBank serves customers through a network of branches, automated teller machines and digital banking channels.

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