First BanCorp. (NYSE:FBP) Sets New 12-Month High - Still a Buy?

Key Points

• 52-week high: First BanCorp. shares reached a new 52-week high of $24.51 on heavy volume (~1.11M shares), and analysts have raised targets—consensus rating is Moderate Buy with an average price target of $25.86.
• Earnings and dividend: FBP beat EPS estimates with $0.57 vs. $0.52 expected (revenue was slightly below forecasts), reported a 28.3% net margin and 17.5% ROE, and declared a $0.20 quarterly dividend (annualized $0.80) for a 3.3% yield and a 35.6% payout ratio.
• Valuation and ownership: The stock trades at a P/E of 10.74 with a market cap of about $3.76B, has very high institutional ownership (~97.9%), and only minimal insider selling recently.

First BanCorp. (NYSE:FBP - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.51 and last traded at $24.1760, with a volume of 1110895 shares trading hands. The stock had previously closed at $24.24.

Analyst Ratings Changes

Several research firms recently commented on FBP. Piper Sandler boosted their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, April 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Truist Financial boosted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Raymond James Financial raised shares of First BanCorp. from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the company from $26.00 to $27.00 in a research report on Monday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.86.

First BanCorp. Stock Down 0.3%

The firm's 50-day simple moving average is $21.88 and its 200 day simple moving average is $21.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $3.76 billion, a P/E ratio of 10.74, a PEG ratio of 1.92 and a beta of 0.83.

First BanCorp. (NYSE:FBP - Get Free Report) last issued 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 firm had revenue of $258.64 million for the quarter, compared to analysts' expectations of $263.54 million. During the same period in the previous year, the firm posted $0.47 EPS. As a group, research analysts expect 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. Shareholders of record on Thursday, May 28th will be given a dividend of $0.20 per share. 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 payout ratio is 35.56%.

Insider Buying and Selling

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of the business's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the sale, the director directly owned 637,019 shares of the company's stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC lifted its position in First BanCorp. by 8.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 498,453 shares of the bank's stock worth $10,647,000 after buying an additional 38,608 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of First BanCorp. by 9.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 28,331 shares of the bank's stock worth $605,000 after purchasing an additional 2,393 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of First BanCorp. during the 1st quarter worth about $1,474,000. Diversified Trust Co increased its stake in shares of First BanCorp. by 12.3% during the 1st quarter. Diversified Trust Co now owns 41,873 shares of the bank's stock worth $894,000 after purchasing an additional 4,577 shares during the last quarter. Finally, Baron Wealth Management LLC increased its stake in shares of First BanCorp. by 7.1% during the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank's stock worth $325,000 after purchasing an additional 1,011 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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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