First BanCorp. (NYSE:FBP) Reaches New 52-Week High - Time to Buy?

Key Points

• First BanCorp. shares hit a new 52-week high, trading as high as $26.99 after closing at $26.72 the prior day, signaling strong recent momentum in the stock.
• Analysts remain constructive on the bank, with recent price-target hikes from firms including Raymond James, Benchmark, and Wells Fargo. The consensus rating is Buy, with an average price target of $27.88.
• The company reported solid fundamentals, including Q1 earnings of $0.57 per share versus $0.52 expected, and it recently paid a $0.20 quarterly dividend that implies a 3.0% yield.

First BanCorp. (NYSE:FBP - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $26.99 and last traded at $26.86, with a volume of 68641 shares changing hands. The stock had previously closed at $26.72.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Raymond James Financial raised their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Benchmark initiated coverage on shares of First BanCorp. in a research note on Tuesday. They issued a "buy" rating and a $31.00 target price for the company. Wells Fargo & Company increased their target price on First BanCorp. from $26.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings upgraded First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, First BanCorp. currently has a consensus rating of "Buy" and an average price target of $27.88.

First BanCorp. Stock Performance

The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.68 and a beta of 0.82. The company's fifty day simple moving average is $24.97 and its 200 day simple moving average is $22.97. 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 Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The company had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, equities research analysts expect that First BanCorp. will post 2.26 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.0%. First BanCorp.'s dividend payout ratio (DPR) is 35.56%.

Institutional Investors Weigh In On First BanCorp.

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