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

First BanCorp. (NYSE:FBP) shares reached a new 52-week high on Wednesday . The company traded as high as $26.99 and last traded at $26.86, with a volume of 68641 shares traded. The stock had previously closed at $26.72.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FBP shares. Benchmark began coverage on shares of First BanCorp. in a research note on Tuesday. They issued a “buy” rating and a $31.00 price target on the stock. Raymond James Financial lifted their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods boosted 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 increased their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company raised their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. currently has a consensus rating of “Buy” and an average price target of $27.88.

First BanCorp. Trading Up 1.2%

The firm’s fifty day simple moving average is $24.97 and its 200 day simple moving average is $22.97. The stock has a market capitalization of $4.18 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.47 EPS. As a group, equities research analysts forecast that First BanCorp. will post 2.26 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

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. This represents a $0.80 annualized dividend and a yield of 3.0%. The ex-dividend date was Thursday, May 28th. First BanCorp.’s payout ratio is currently 35.56%.

Institutional Investors Weigh In On First BanCorp.

Large investors have recently modified their holdings of the business. California State Teachers Retirement System increased its holdings in shares of First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock worth $3,151,000 after buying an additional 529 shares during the period. Fifth Third Bancorp boosted its holdings in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after acquiring an additional 560 shares during the period. Measured Wealth Private Client Group LLC boosted its holdings in First BanCorp. by 1.9% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock valued at $769,000 after acquiring an additional 656 shares during the period. Baron Wealth Management LLC grew its position in First BanCorp. by 7.1% during the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in First BanCorp. by 1.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 68,322 shares of the bank’s stock worth $1,416,000 after acquiring an additional 1,068 shares during the last quarter. Institutional investors and hedge funds 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.