First BanCorp. (NYSE:FBP) Sets New 1-Year High – Here’s What Happened

First BanCorp. (NYSE:FBP) hit a new 52-week high on Monday . The stock traded as high as $24.64 and last traded at $24.6450, with a volume of 774257 shares changing hands. The stock had previously closed at $24.32.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBP. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Wells Fargo & Company upped their price objective on shares of First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Piper Sandler upped their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Finally, Truist Financial upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.86.

First BanCorp. Trading Up 1.1%

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’s 50-day moving average price is $23.44 and its 200 day moving average price is $22.03. The company has a market capitalization of $3.83 billion, a P/E ratio of 11.01, a P/E/G ratio of 1.47 and a beta of 0.83.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. The company had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period in the previous year, the firm posted $0.47 earnings per share. As a group, equities research analysts predict that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Thursday, May 28th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is currently 35.56%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Fifth Third Bancorp lifted its holdings in shares of First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after purchasing an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp bought a new position in shares of First BanCorp. in the fourth quarter valued at approximately $40,000. Hantz Financial Services Inc. lifted its holdings in shares of First BanCorp. by 1,695.8% in the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after purchasing an additional 2,035 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.