First BanCorp. (NYSE:FBP) Hits New 52-Week High – What’s Next?
by Mitch Edgeman · The Markets DailyFirst BanCorp. (NYSE:FBP – Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $29.40 and last traded at $29.3370, with a volume of 500211 shares changing hands. The stock had previously closed at $28.99.
Analyst Ratings Changes
A number of analysts have weighed in on FBP shares. Wells Fargo & Company increased their price target on First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Raymond James Financial boosted their price objective 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. Truist Financial upped their target price on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, Benchmark lifted their target price on First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Three investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $28.75.
Get Our Latest Report on First BanCorp.
First BanCorp. Stock Performance
The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $4.52 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 1.56 and a beta of 0.82. The company’s 50 day moving average is $26.26 and its 200-day moving average is $23.69.
First BanCorp. (NYSE:FBP – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share 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 during the quarter, compared to the consensus estimate of $265.31 million. As a group, equities analysts anticipate that First BanCorp. will post 2.4 EPS for the current year.
First BanCorp. Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. First BanCorp.’s dividend payout ratio (DPR) is currently 33.76%.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new position in shares of First BanCorp. in the fourth quarter valued at $5,222,000. Quent Capital LLC acquired a new position in shares of First BanCorp. during the fourth quarter valued at about $1,874,000. Novem Group acquired a new position in shares of First BanCorp. during the fourth quarter valued at about $1,138,000. Thrivent Financial for Lutherans increased its position in shares of First BanCorp. by 147.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank’s stock worth $7,667,000 after acquiring an additional 220,318 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of First BanCorp. by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after acquiring an additional 413,557 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.
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.