First BanCorp. (NYSE:FBP) Receives Average Recommendation of "Buy" from Analysts

Key Points

• First BanCorp. (NYSE:FBP) has an average analyst rating of “Buy” from eight covering analysts, with an average 12-month price target of $27.88.
• Recent analyst updates have been mostly positive, including Weiss Ratings upgrading the stock and firms like Wells Fargo, Raymond James, and others raising their price targets.
• The company reported Q1 earnings of $0.57 per share, beating estimates, while institutional ownership remains very high at 97.91% of shares outstanding.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) have received an average rating of "Buy" from the eight analysts that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $27.8750.

FBP has been the topic of a number of research analyst reports. Weiss Ratings upgraded First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 1st. Wells Fargo & Company raised their price target on First BanCorp. from $26.00 to $28.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Piper Sandler lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Finally, Raymond James Financial upped their price objective on First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds have recently bought and sold shares of FBP. Vanguard Group Inc. grew its stake in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank's stock worth $445,017,000 after buying an additional 413,557 shares in the last quarter. First Trust Advisors LP raised its position in shares of First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank's stock valued at $103,858,000 after buying an additional 527,991 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of First BanCorp. by 4.9% during the 4th 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock valued at $56,854,000 after acquiring an additional 871,860 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank's stock valued at $50,365,000 after acquiring an additional 548,164 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Performance

FBP opened at $27.59 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.73 and a beta of 0.82. The company has a fifty day moving average of $25.33 and a 200 day moving average of $23.20. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $27.89.

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

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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