First BanCorp. (NYSE:FBP) Hits New 52-Week High - What's Next?

Key Points

• First BanCorp. shares reached a new 52-week high of $29.40, supported by a consensus “Buy” rating and analyst price targets ranging from $30 to $33.
• The bank reported quarterly earnings of $0.62 per share, beating estimates of $0.54, while revenue of $264.86 million was roughly in line with expectations.
• First BanCorp. declared a quarterly dividend of $0.20 per share, equating to an annualized payout of $0.80 and a 2.7% dividend yield.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $29.40 and last traded at $29.3370, with a volume of 500211 shares. The stock had previously closed at $28.99.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FBP shares. 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 research report on Monday, July 13th. Raymond James Financial raised their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Benchmark boosted their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $27.00 to $31.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd. Three 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $28.75.

First BanCorp. Price Performance

The company's 50 day moving average price is $26.26 and its 200-day moving average price is $23.69. The stock has a market cap of $4.52 billion, a P/E ratio of 12.33, a P/E/G ratio of 1.56 and a beta of 0.82. 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 issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $264.86 million for the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. As a group, sell-side analysts expect that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Announces Dividend

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 given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, August 27th. First BanCorp.'s payout ratio is 33.76%.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp increased its position in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock valued at $30,000 after purchasing an additional 560 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after purchasing an additional 1,129 shares during the period. First Horizon Corp bought a new stake in shares of First BanCorp. in the 4th quarter valued at $40,000. Jones Financial Companies Lllp boosted its stake in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of First BanCorp. during the fourth quarter worth $64,000. 97.91% of the stock is currently owned by institutional investors.

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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