First BanCorp. (NYSE:FBP) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• First BanCorp. received a consensus rating of "Moderate Buy" from six brokerages, with one hold and five buy ratings, and an average target price of $24.33.
• CEO Aurelio Aleman sold 50,000 shares of the company's stock for approximately $1.12 million, representing a 4.51% decrease in his ownership.
• The bank recently increased its quarterly dividend to $0.23 per share, up from $0.18, reflecting a dividend yield of 4.3% and a payout ratio of 38.30%.

Shares of First BanCorp. (NYSE:FBP - Get Free Report) have been given a consensus rating of "Moderate Buy" by the six ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $24.3333.

A number of equities research analysts have weighed in on the stock. Truist Financial assumed coverage on shares of First BanCorp. in a research report on Thursday. They set a "buy" rating and a $25.00 price target for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of First BanCorp. in a research report on Wednesday. UBS Group set a $25.00 price target on shares of First BanCorp. in a research report on Thursday. Finally, Wells Fargo & Company raised their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the transaction, the chief executive officer owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FBP. Wedge Capital Management L L P NC lifted its stake in First BanCorp. by 13.9% in the first quarter. Wedge Capital Management L L P NC now owns 68,730 shares of the bank's stock worth $1,318,000 after acquiring an additional 8,405 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after acquiring an additional 703 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in First BanCorp. by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank's stock worth $815,000 after acquiring an additional 693 shares during the last quarter. Vicus Capital lifted its stake in First BanCorp. by 16.2% in the first quarter. Vicus Capital now owns 12,539 shares of the bank's stock worth $240,000 after acquiring an additional 1,752 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in First BanCorp. by 1.9% in the first quarter. Illinois Municipal Retirement Fund now owns 90,641 shares of the bank's stock worth $1,738,000 after acquiring an additional 1,651 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Price Performance

First BanCorp. stock opened at $21.54 on Thursday. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60. The stock has a market cap of $3.46 billion, a P/E ratio of 11.46, a PEG ratio of 1.34 and a beta of 0.93. The company has a 50-day moving average price of $21.66 and a 200 day moving average price of $20.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The firm had revenue of $246.81 million during the quarter, compared to analysts' expectations of $250.73 million. During the same period last year, the business earned $0.46 earnings per share. Sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be paid a $0.23 dividend. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a dividend yield of 4.3%. First BanCorp.'s dividend payout ratio (DPR) is presently 38.30%.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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