First BanCorp. (NYSE:FBP) Sets New 1-Year High - Here's Why

Key Points

• First BanCorp. (NYSE:FBP) reached a new 52-week high of $23.50 on Friday, and analysts have been raising price targets — the average target is about $24.75 with most ratings at Buy/Moderate Buy.
• The bank beat quarterly estimates with $0.55 EPS, reported a 17.33% return on equity and a 27.48% net margin, and raised its quarterly dividend to $0.20 (annualized $0.80, ~3.4% yield).
• Corporate insiders, including EVP Michael McDonald, have recently sold shares, while institutional ownership remains very high at roughly 97.9%; the company has a market cap of $3.62 billion and a P/E of about 10.8.

First BanCorp. (NYSE:FBP - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $23.50 and last traded at $23.3470, with a volume of 249944 shares traded. The stock had previously closed at $22.74.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FBP. Hovde Group raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, January 28th. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Monday, March 30th. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the company a "market perform" rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First BanCorp. in a report on Thursday, January 22nd. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $24.75.

First BanCorp. Stock Performance

The firm has a market capitalization of $3.62 billion, a PE ratio of 10.81, a P/E/G ratio of 1.85 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company's fifty day simple moving average is $21.70 and its 200 day simple moving average is $21.18.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The business had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, February 26th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, February 26th. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. First BanCorp.'s payout ratio is currently 37.21%.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares of the company's stock, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in shares of First BanCorp. by 4.1% in the third quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank's stock worth $287,000 after buying an additional 508 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of First BanCorp. by 5.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank's stock worth $234,000 after purchasing an additional 526 shares during the last quarter. California State Teachers Retirement System increased its position in shares of First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank's stock worth $3,151,000 after purchasing an additional 529 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of First BanCorp. by 4.1% in the third quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank's stock worth $313,000 after purchasing an additional 557 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of First BanCorp. by 14.5% in the third quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank's stock worth $106,000 after purchasing an additional 605 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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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