First BanCorp. (NYSE:FBP) Rating Increased to Strong-Buy at Benchmark

Key Points

• Benchmark upgraded First BanCorp. to “strong-buy,” adding to a generally positive analyst outlook. The stock now has an average rating of “Buy” and an average target price of $27.88.
• Several other firms also turned more bullish, including Weiss Ratings, Wells Fargo, Truist, and Raymond James, with multiple price targets raised to the high $20s and low $30s.
• First BanCorp. recently reported Q1 earnings of $0.57 per share, topping estimates of $0.52, while shares opened at $27.09 and are trading near their 1-year high of $27.25.

First BanCorp. (NYSE:FBP - Get Free Report) was upgraded by Benchmark to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

A number of other brokerages have also commented on FBP. Weiss Ratings raised shares of First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 1st. Wells Fargo & Company boosted their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Truist Financial increased their price target on First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday. Raymond James Financial raised their price objective 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. Finally, Piper Sandler boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $27.88.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $27.09 on Wednesday. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.69 and a beta of 0.82. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $27.25. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $25.02 and a 200-day simple moving average of $23.01.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The company had revenue of $258.64 million during the quarter, compared to analysts' expectations of $263.54 million. During the same period in the prior year, the company earned $0.47 earnings per share. On average, sell-side analysts expect that First BanCorp. will post 2.26 earnings per share for the current year.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its stake in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock valued at $30,000 after acquiring an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after acquiring an additional 1,129 shares during the period. First Horizon Corp acquired a new position in First BanCorp. in the 4th quarter valued at $40,000. Jones Financial Companies Lllp raised its stake in First BanCorp. by 328.8% in the 1st 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 in the last quarter. Finally, State of Wyoming bought a new stake in shares of First BanCorp. in the fourth quarter valued at approximately $64,000. Institutional investors and hedge funds 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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