First BanCorp. (NYSE:FBP) Shares Pass Above 200-Day Moving Average - Should You Sell?

Key Points

• First BanCorp. shares rose above their 200-day moving average on Monday, trading as high as $26.82 and last changing hands around $26.62. The move comes as the stock continues to trade above both its 50-day and 200-day averages.
• Analyst sentiment is broadly positive, with several firms raising price targets, including Raymond James to $32 and Truist to $30. The consensus rating is a Buy with an average price target of $27.43.
• The company posted solid recent earnings and a 3.0% dividend yield, beating EPS expectations in its latest quarter with $0.57 per share. First BanCorp also paid a quarterly dividend of $0.20, supported by a payout ratio of 35.56%.

First BanCorp. (NYSE:FBP - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $22.94 and traded as high as $26.82. First BanCorp. shares last traded at $26.6190, with a volume of 824,299 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FBP. Weiss Ratings raised shares of First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 1st. 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 note on Thursday, April 23rd. Raymond James Financial upped their target price 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. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 23rd. Finally, Truist Financial increased their target price on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $27.43.

First BanCorp. Trading Down 0.2%

The firm has a fifty day simple moving average of $24.92 and a two-hundred day simple moving average of $22.94. The stock has a market cap of $4.12 billion, a PE ratio of 11.83, a PEG ratio of 1.69 and a beta of 0.82. The company has a current ratio of 0.80, a quick 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 results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The firm had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. During the same quarter last year, the company posted $0.47 EPS. As a group, equities analysts expect that First BanCorp. will post 2.26 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

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

Hedge Funds Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock worth $30,000 after buying an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after acquiring an additional 1,129 shares during the last quarter. First Horizon Corp bought a new stake in shares of First BanCorp. during the 4th quarter worth $40,000. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock worth $57,000 after acquiring an additional 2,262 shares in the last quarter. Finally, State of Wyoming purchased a new position in First BanCorp. in the fourth quarter worth $64,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.