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

First BanCorp. (NYSE:FBP - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $25.8571.

FBP has been the subject of several recent analyst reports. Raymond James Financial raised shares of First BanCorp. from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $26.00 to $27.00 in a research note on Monday, April 27th. Truist Financial lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Weiss Ratings restated a "buy (b)" rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Hovde Group raised their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 28th. Finally, Piper Sandler lifted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, April 23rd.

First BanCorp. Price Performance

Shares of FBP opened at $23.98 on Friday. The stock has a market cap of $3.73 billion, a P/E ratio of 10.66, a price-to-earnings-growth ratio of 1.45 and a beta of 0.84. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $24.57. The stock's 50-day moving average price is $22.06 and its two-hundred day moving average price is $21.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.05. The company had revenue of $258.64 million during the quarter, compared to analysts' expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the prior year, the business posted $0.47 EPS. On average, equities analysts predict that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Thursday, May 28th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. First BanCorp.'s dividend payout ratio (DPR) is currently 35.56%.

Insider Buying and Selling at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of the business's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the transaction, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. The trade was a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of First BanCorp. during the fourth quarter worth $42,138,000. Boston Partners boosted its stake in First BanCorp. by 767.8% in the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank's stock worth $27,832,000 after purchasing an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd boosted its stake in First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank's stock worth $29,878,000 after purchasing an additional 649,987 shares during the period. Verition Fund Management LLC increased its holdings in First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank's stock worth $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of First BanCorp. by 176.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank's stock valued at $18,123,000 after purchasing an additional 524,256 shares during the period. Institutional investors own 97.91% of the company's stock.

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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