First BanCorp. (NYSE:FBP) Reaches New 1-Year High at $18.62

First BanCorp. (NYSE:FBP) reached a new 52-week high during trading on Tuesday . The company traded as high as $18.62 and last traded at $18.61, with a volume of 762714 shares changing hands. The stock had previously closed at $18.42.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FBP shares. Wells Fargo & Company raised their target price on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th.

First BanCorp. Stock Performance

The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 1.50 and a beta of 1.12. The stock’s 50 day moving average price is $17.72 and its 200 day moving average price is $17.03. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. The firm had revenue of $302.49 million during 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 last year, the company posted $0.39 earnings per share. Analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, May 30th. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Insider Buying and Selling at First BanCorp.

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the transaction, the executive vice president now owns 255,236 shares in the company, valued at approximately $4,596,800.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the sale, the chief financial officer now owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of First BanCorp. by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after buying an additional 448,845 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First BanCorp. by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock worth $166,095,000 after purchasing an additional 65,021 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after purchasing an additional 116,642 shares in the last quarter. Norges Bank acquired a new stake in First BanCorp. in the fourth quarter valued at about $32,590,000. Finally, Goldman Sachs Group Inc. boosted its stake in First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after buying an additional 110,797 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.