First BanCorp. (NYSE:FBP) Reaches New 52-Week High - Here's What Happened

Key Points

• Shares of First BanCorp. hit a new 52-week high (intraday high $24.57, last $24.33) on Wednesday with ~37,168 shares traded, valuing the company at about $3.79 billion.
• Several brokerages have raised targets and ratings (many to $26), leaving a MarketBeat consensus of a Moderate Buy and an average price target of $25.86.
• The bank reported an earnings beat of $0.57 EPS vs. $0.52 expected while revenue slightly missed, and declared a $0.20 quarterly dividend (3.3% yield) payable June 12 with an ex-dividend date of May 28.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $24.57 and last traded at $24.33, with a volume of 37168 shares trading hands. The stock had previously closed at $24.19.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FBP. Hovde Group lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, January 28th. Wells Fargo & Company raised their price objective on First BanCorp. from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Truist Financial raised their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First BanCorp. in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $25.86.

First BanCorp. Stock Performance

The firm has a market capitalization of $3.79 billion, a P/E ratio of 10.81, a P/E/G ratio of 1.89 and a beta of 0.84. The stock has a fifty day simple moving average of $21.97 and a two-hundred day simple moving average of $21.34. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million during the quarter, compared to the consensus estimate 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 previous year, the company posted $0.47 earnings per share. On average, research analysts predict that First BanCorp. will post 2.21 EPS for the current year.

First BanCorp. Announces Dividend

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

Insider Transactions at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director owned 637,019 shares of the company's stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of First BanCorp. by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank's stock valued at $445,017,000 after buying an additional 413,557 shares during the last quarter. First Trust Advisors LP boosted its position in shares of First BanCorp. by 3.0% during the fourth quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank's stock valued at $89,850,000 after buying an additional 126,532 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of First BanCorp. by 4.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank's stock valued at $75,856,000 after buying an additional 171,580 shares during the last quarter. Verition Fund Management LLC boosted its position in shares of First BanCorp. by 31.6% during the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank's stock valued at $50,365,000 after buying an additional 548,164 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of First BanCorp. during the fourth quarter valued at approximately $42,138,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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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