First BanCorp. (NYSE:FBP) Stock Has Average Price Target of $29.25 According to Brokerages

Key Points

• Analysts maintain a moderately bullish view: First BanCorp. has a consensus “Moderate Buy” rating from nine firms, with an average 12-month price target of $29.25.
• Quarterly results exceeded expectations: The bank reported EPS of $0.62 versus the $0.54 consensus estimate, with an 18.03% return on equity and a 29.24% net margin.
• Investors receive a 3.0% dividend yield: First BanCorp. pays a quarterly dividend of $0.20, or $0.80 annually, while institutional investors own 97.91% of the stock.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the nine research firms that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $29.25.

FBP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. Benchmark increased their price objective on First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Weiss Ratings restated a "buy (a-)" rating on shares of First BanCorp. in a report on Thursday, August 27th. Zacks Research lowered shares of First BanCorp. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 23rd. Finally, Truist Financial upped their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, July 13th.

Insider Activity

In related 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 approximately $6,494,919.62. The trade was a 4.16% decrease in their position. The transaction was disclosed in a document filed 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 that occurred on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total value of $750,448.00. Following the sale, the director directly owned 610,669 shares of the company's stock, valued at $17,391,853.12. The trade was a 4.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 46,350 shares of company stock valued at $1,328,248. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of First BanCorp.

Several large investors have recently modified their holdings of the company. First Trust Advisors LP raised its holdings in First BanCorp. by 12.2% in the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank's stock worth $103,858,000 after acquiring an additional 527,991 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of First BanCorp. by 48.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock valued at $56,854,000 after purchasing an additional 871,860 shares during the last quarter. Norges Bank acquired a new stake in shares of First BanCorp. in the fourth quarter valued at about $42,138,000. Bank of America Corp DE increased its stake in shares of First BanCorp. by 22.1% in the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank's stock worth $34,833,000 after purchasing an additional 294,888 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of First BanCorp. by 5.4% in the first quarter. Principal Financial Group Inc. now owns 1,021,220 shares of the bank's stock worth $21,813,000 after purchasing an additional 52,568 shares during the period. 97.91% of the stock is owned by institutional investors.

First BanCorp. Trading Up 0.1%

Shares of NYSE:FBP opened at $27.06 on Monday. The firm has a fifty day moving average of $28.16 and a two-hundred day moving average of $25.64. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $29.88. The firm has a market capitalization of $4.13 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.84.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The firm had revenue of $264.86 million during the quarter, compared to analysts' expectations of $265.31 million. On average, equities analysts expect that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. First BanCorp.'s payout ratio is currently 33.76%.

First BanCorp. Company Profile

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank's offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.

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