First BanCorp. (NYSE:FBP) Hits New 12-Month High Following Better-Than-Expected Earnings

Key Points

• First BanCorp. shares hit a new 52-week high after the bank reported quarterly earnings of $0.62 per share, beating analysts’ expectations of $0.54.
• The company also announced a quarterly dividend of $0.20 per share, payable September 11, which annualizes to $0.80 and a 2.9% yield.
• Wall Street sentiment remains positive, with analysts assigning an average Buy rating and a consensus price target of $27.88; institutional ownership is also high at 97.91%.

First BanCorp. (NYSE:FBP - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $28.90 and last traded at $27.5580, with a volume of 9253 shares changing hands. The stock had previously closed at $27.64.

The bank reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 2.9%. First BanCorp.'s dividend payout ratio (DPR) is 35.56%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. 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 raised their price objective on First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Wells Fargo & Company upped their target price on First BanCorp. from $26.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Benchmark started coverage on First BanCorp. in a research note on Wednesday, July 15th. They issued a "buy" rating and a $31.00 target price for the company. Finally, Keefe, Bruyette & Woods raised their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, First BanCorp. currently has an average rating of "Buy" and a consensus price target of $27.88.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the company. Baron Wealth Management LLC boosted its position in First BanCorp. by 22.0% during the 2nd quarter. Baron Wealth Management LLC now owns 18,551 shares of the bank's stock worth $484,000 after acquiring an additional 3,344 shares during the period. NewEdge Advisors LLC acquired a new position in shares of First BanCorp. in the 1st quarter valued at about $3,078,000. Bank of America Corp DE increased its holdings in shares of 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 purchasing an additional 294,888 shares during the period. Edgestream Partners L.P. lifted its position in shares of First BanCorp. by 46.9% in the first quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank's stock worth $12,986,000 after purchasing an additional 193,981 shares in the last quarter. Finally, Amundi lifted its position in shares of First BanCorp. by 64.8% in the first quarter. Amundi now owns 59,011 shares of the bank's stock worth $1,261,000 after purchasing an additional 23,201 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.73 and a beta of 0.82. The firm's fifty day moving average is $25.33 and its 200 day moving average is $23.20.

First BanCorp. Company Profile

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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