First BanCorp. (NYSE:FBP) Hits New 1-Year High – Still a Buy?

Shares of First BanCorp. (NYSE:FBP) reached a new 52-week high on Tuesday . The company traded as high as $25.89 and last traded at $25.8530, with a volume of 42069 shares. The stock had previously closed at $25.74.

Analysts Set New Price Targets

A number of research analysts recently commented on FBP shares. Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Piper Sandler raised their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Truist Financial lifted their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company boosted their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Finally, Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $26.00 to $27.00 in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $25.86.

First BanCorp. Trading Up 0.8%

The company has a 50 day simple moving average of $24.05 and a 200 day simple moving average of $22.36. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $4.01 billion, a PE ratio of 11.53, a P/E/G ratio of 1.51 and a beta of 0.83.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. Analysts predict that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. First BanCorp.’s dividend payout ratio is presently 35.56%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in First BanCorp. by 24.4% in the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after purchasing an additional 8,419 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First BanCorp. by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after buying an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after buying an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of First BanCorp. by 6.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock valued at $9,911,000 after buying an additional 29,631 shares during the period. Finally, Jane Street Group LLC boosted its stake in shares of First BanCorp. by 1,445.7% in the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after buying an additional 402,488 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.