First BanCorp. (NYSE:FBP) Receives $24.17 Consensus Target Price from Brokerages

First BanCorp. (NYSE:FBP) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $24.5833.

Several equities analysts recently commented on the company. Piper Sandler restated a “neutral” rating and set a $24.00 target price (up from $23.00) on shares of First BanCorp. in a research report on Friday. Truist Financial upped their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. UBS Group set a $25.00 target price on shares of First BanCorp. in a research report on Thursday, October 9th. Wells Fargo & Company lowered their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently added to or reduced their stakes in FBP. GAMMA Investing LLC bought a new position in shares of First BanCorp. during the second quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its position in 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 purchased a new position in First BanCorp. in the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. boosted its stake in shares of First BanCorp. by 1,695.8% during the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after purchasing an additional 2,035 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in shares of 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 purchasing an additional 2,262 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $22.86 on Wednesday. The company has a 50 day moving average of $21.12 and a 200 day moving average of $21.11. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.61 billion, a P/E ratio of 10.63, a P/E/G ratio of 1.22 and a beta of 0.88. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $23.02.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03. The business had revenue of $257.17 million for the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the prior year, the company posted $0.46 EPS. As a group, sell-side analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is 33.49%.

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.