First BanCorp. (NYSE:FBP) Sets New 12-Month High at $18.04

First BanCorp. (NYSE:FBP - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.04 and last traded at $17.95, with a volume of 587413 shares traded. The stock had previously closed at $17.25.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company increased their target price on First BanCorp. from $16.00 to $18.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an "outperform" rating in a research report on Thursday, April 25th.

First BanCorp. Trading Up 2.5 %

The stock has a market cap of $2.99 billion, a P/E ratio of 10.11, a PEG ratio of 1.49 and a beta of 1.16. The firm's fifty day moving average price is $17.00 and its two-hundred day moving average price is $16.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. The firm had revenue of $302.49 million for the quarter, compared to analysts' expectations of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same quarter in the prior year, the firm posted $0.39 earnings per share. As a group, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, May 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.62%. First BanCorp.'s payout ratio is currently 36.57%.

Insider Transactions at First BanCorp.

In related news, Director Crespo Luz sold 10,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now owns 50,055 shares of the company's stock, valued at $824,405.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Crespo Luz sold 10,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now owns 50,055 shares of the company's stock, valued at $824,405.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total value of $256,800.00. Following the completion of the transaction, the executive vice president now directly owns 246,930 shares in the company, valued at approximately $4,227,441.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,000 shares of company stock valued at $1,280,000. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in shares of First BanCorp. by 4.3% during the third quarter. FMR LLC now owns 12,288,893 shares of the bank's stock valued at $165,408,000 after buying an additional 505,003 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First BanCorp. by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank's stock valued at $166,095,000 after buying an additional 65,021 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of First BanCorp. by 3.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank's stock valued at $51,826,000 after buying an additional 116,642 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of First BanCorp. by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank's stock valued at $28,053,000 after buying an additional 52,384 shares during the last quarter. Finally, Norges Bank bought a new position in shares of First BanCorp. during the fourth quarter valued at about $32,590,000. 97.91% of the stock is owned by institutional investors.

About First BanCorp.

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.