First BanCorp. (NYSE:FBP) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded First BanCorp. from hold to strong-buy, adding to a generally positive analyst outlook on the stock.
• Other firms have also raised targets or ratings, with the consensus rating at Buy and an average price target of $28.75. Recent updates came from Piper Sandler, Benchmark, Raymond James, Wells Fargo, and Weiss Ratings.
• First BanCorp. reported Q2 EPS of $0.62, beating expectations of $0.54, while revenue was roughly in line with forecasts. The stock was trading near its 52-week high of $29.00 and up around its recent moving averages.

First BanCorp. (NYSE:FBP - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other research analysts have also issued reports on the company. Piper Sandler increased 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. Benchmark boosted their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday. 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. Wells Fargo & Company upped their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Weiss Ratings upgraded shares of First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 1st. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $28.75.

First BanCorp. Stock Down 0.3%

NYSE FBP opened at $28.78 on Thursday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.00. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.75 and a beta of 0.82. The stock's 50 day moving average is $25.66 and its two-hundred day moving average is $23.35. 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 earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. The business had revenue of $264.86 million during the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. Equities analysts forecast that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank's stock worth $824,000 after purchasing an additional 8,419 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock valued at $1,847,000 after buying an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after buying an additional 2,262 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First BanCorp. by 6.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank's stock valued at $9,911,000 after buying an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock worth $8,249,000 after buying an additional 402,488 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

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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