First BanCorp. (NYSE:FBP) Hits New 12-Month High – Should You Buy?

Shares of First BanCorp. (NYSE:FBP) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $22.17 and last traded at $22.16, with a volume of 840191 shares. The stock had previously closed at $19.48.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FBP. Piper Sandler decreased their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Wells Fargo & Company decreased their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Hovde Group decreased their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Raymond James started coverage on First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Trading Up 14.0 %

The business has a 50 day simple moving average of $20.41 and a 200-day simple moving average of $19.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $3.64 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 1.65 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. On average, analysts predict that First BanCorp. will post 1.75 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Friday, November 29th. First BanCorp.’s dividend payout ratio is presently 35.36%.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 7,612 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the sale, the executive vice president now directly owns 89,420 shares of the company’s stock, valued at $1,935,943. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

A number of hedge funds have recently modified their holdings of FBP. Blue Trust Inc. lifted its holdings in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares in the last quarter. CWM LLC raised its holdings in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares in the last quarter. USA Financial Formulas raised its holdings in shares of First BanCorp. by 166.7% during the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after acquiring an additional 2,234 shares in the last quarter. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. during the first quarter worth $110,000. Finally, Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. during the second quarter worth $146,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

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.