First BanCorp. (NYSE:FBP) Shares Cross Above 200 Day Moving Average - Time to Sell?

Key Points

• First BanCorp. shares rose above their 200-day moving average, reaching $28.28 and last trading at $28.13, compared with a 200-day average of $24.54.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $29.38 price target, with several firms recently raising targets to between $30 and $32.
• The bank reported quarterly EPS of $0.62, beating estimates of $0.54, and declared a quarterly dividend of $0.20 per share, equivalent to a 2.8% annualized yield.

First BanCorp. (NYSE:FBP - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $24.54 and traded as high as $28.28. First BanCorp. shares last traded at $28.13, with a volume of 887,516 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research upgraded shares of First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 1st. Truist Financial lifted their target price on First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial increased their price target on First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $29.38.

First BanCorp. Stock Up 0.5%

The business's 50 day simple moving average is $27.74 and its 200 day simple moving average is $24.54. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $4.29 billion, a PE ratio of 11.87, a PEG ratio of 1.51 and a beta of 0.81.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million for the quarter, compared to analysts' expectations of $265.31 million. On average, equities research analysts forecast that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.'s payout ratio is presently 33.76%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $29.59, for a total transaction of $295,900.00. Following the sale, the executive vice president directly owned 240,398 shares in the company, valued at $7,113,376.82. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Several large investors have recently modified their holdings of the stock. Fifth Third Bancorp lifted its position in First BanCorp. by 64.9% in the first 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 increased its position in First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock valued at $39,000 after acquiring an additional 1,129 shares during the last quarter. Jones Financial Companies Lllp increased its position in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after acquiring an additional 2,262 shares during the last quarter. State of Wyoming purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $64,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $74,000. 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.

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.

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