First BanCorp. (NYSE:FBP) Given Average Rating of "Buy" by Brokerages

Key Points

• Analysts rate First BanCorp. “Buy” overall: Nine brokerages cover the stock, with an average 12-month price target of $29.38. Recent targets were raised by Benchmark, Raymond James, and Wells Fargo, reaching as high as $33.
• First BanCorp. exceeded quarterly earnings expectations, reporting $0.62 in EPS versus the $0.54 consensus estimate, while generating $264.86 million in revenue and an 18.03% return on equity.
• Institutional ownership stands at 97.91%, and the company declared a quarterly dividend of $0.20 per share, equivalent to $0.80 annually and a 2.7% yield.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) have been given a consensus recommendation of "Buy" by the nine brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and four have issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $29.3750.

FBP has been the topic of several analyst reports. Benchmark increased their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Weiss Ratings raised First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 1st. Raymond James Financial upped their price target on First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, July 1st. Piper Sandler increased their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, April 23rd. Finally, Wells Fargo & Company raised their price objective on First BanCorp. from $28.00 to $33.00 and gave the company an "overweight" rating in a research note on Monday, August 10th.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors have recently modified their holdings of FBP. Royal Bank of Canada boosted its holdings in shares of First BanCorp. by 24.4% during the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank's stock worth $824,000 after buying an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock worth $1,847,000 after purchasing an additional 4,236 shares during the period. Jones Financial Companies Lllp increased its stake in shares of First BanCorp. by 328.8% in the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank's stock worth $9,911,000 after purchasing an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock worth $8,249,000 after purchasing an additional 402,488 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Performance

FBP stock opened at $29.71 on Friday. The firm has a 50 day moving average of $27.17 and a two-hundred day moving average of $24.17. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.78. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 1.60 and a beta of 0.81. 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. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The business had revenue of $264.86 million for the quarter, compared to the consensus estimate of $265.31 million. As a group, equities analysts anticipate that First BanCorp. will post 2.4 EPS 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. Shareholders of record on Thursday, August 27th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.7%. The ex-dividend date is Thursday, August 27th. First BanCorp.'s dividend payout ratio (DPR) is 33.76%.

About First BanCorp.

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.

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