First BanCorp. (NYSE:FBP) Reaches New 1-Year High - Here's What Happened

Key Points

• First BanCorp. reached a new 52-week high, trading as high as $29.17 and last changing hands near $28.72. Its shares have risen above their 50-day and 200-day moving averages.
• Analysts remain broadly positive, with the stock carrying an average “Buy” rating and a consensus price target of $28.75; several firms recently raised their targets, including Benchmark to $33.
• The bank exceeded quarterly earnings expectations, reporting EPS of $0.62 versus the $0.54 consensus estimate. It also declared a quarterly dividend of $0.20, equivalent to an annualized yield of about 2.8%.

First BanCorp. (NYSE:FBP - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $29.17 and last traded at $28.7180, with a volume of 1480746 shares changing hands. The stock had previously closed at $28.82.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $27.00 to $31.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd. Benchmark lifted their price target on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their price target on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $28.75.

First BanCorp. Price Performance

The firm has a market capitalization of $4.44 billion, a PE ratio of 12.12, a PEG ratio of 1.75 and a beta of 0.82. 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 50-day simple moving average of $25.76 and a 200-day simple moving average of $23.42.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The business had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. As a group, equities analysts forecast that First BanCorp. will post 2.36 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. First BanCorp.'s dividend payout ratio (DPR) is presently 33.76%.

Institutional Trading of First BanCorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baron Wealth Management LLC raised its position in First BanCorp. by 22.0% in the second 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 purchased a new stake in shares of First BanCorp. in the 1st quarter worth $3,078,000. Bank of America Corp DE increased its stake 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 worth $34,833,000 after purchasing an additional 294,888 shares in the last quarter. Edgestream Partners L.P. increased its stake in shares of First BanCorp. by 46.9% in the 1st 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 raised its holdings in First BanCorp. by 64.8% in the 1st quarter. Amundi now owns 59,011 shares of the bank's stock worth $1,261,000 after purchasing an additional 23,201 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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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