First BanCorp. (NYSE:FBP) Price Target Raised to $31.00

First BanCorp. (NYSE:FBP) had its price target upped by Keefe, Bruyette & Woods from $27.00 to $31.00 in a research report report published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Other research analysts have also recently issued research reports about the stock. 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 research report on Monday, July 6th. Truist Financial lifted their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 13th. Piper Sandler boosted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Finally, Benchmark began coverage on First BanCorp. in a report on Wednesday, July 15th. They issued a “buy” rating and a $31.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First BanCorp. currently has an average rating of “Buy” and an average price target of $28.75.

First BanCorp. Stock Performance

Shares of 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 cap of $4.45 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 1.75 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a fifty day moving average of $25.66 and a 200-day moving average of $23.35.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The business had revenue of $264.86 million for the quarter, compared to analysts’ expectations of $265.31 million. As a group, equities analysts anticipate that First BanCorp. will post 2.36 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. Investors of record on Thursday, August 27th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 2.8%. First BanCorp.’s dividend payout ratio is presently 33.76%.

Hedge Funds Weigh In On First BanCorp.

Several large investors have recently bought and sold shares of the stock. Fifth Third Bancorp raised its position in shares of First BanCorp. by 64.9% during 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 in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of 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 period. First Horizon Corp acquired a new position in shares of First BanCorp. during the fourth quarter valued at approximately $40,000. Jones Financial Companies Lllp increased 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 acquiring an additional 2,262 shares during the period. Finally, State of Wyoming bought a new stake in First BanCorp. during the fourth quarter worth approximately $64,000. Institutional investors and hedge funds 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.