First BanCorp. (NYSE:FBP) Stock Has Consensus Target Price of $29.25

Shares of First BanCorp. (NYSE:FBP) have earned an average rating of “Moderate Buy” from the nine analysts that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $29.86.

A number of research analysts have weighed in on FBP shares. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Raymond James Financial cut First BanCorp. from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 6th. Truist Financial raised 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. Wells Fargo & Company cut their price target on First BanCorp. from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th.

First BanCorp. Stock Performance

FBP opened at $26.70 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a fifty day moving average price of $27.95 and a 200 day moving average price of $25.86. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $29.88. The stock has a market cap of $4.08 billion, a P/E ratio of 11.27, a P/E/G ratio of 1.02 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $265.31 million. Equities research analysts anticipate that First BanCorp. will post 2.40 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, August 27th. First BanCorp.’s dividend payout ratio (DPR) is presently 33.76%.

Insider Activity at First BanCorp.

In other news, EVP Nayda Rivera sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the executive vice president directly owned 230,398 shares in the company, valued at $6,494,919.62. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roberto Herencia sold 26,350 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total value of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at $17,391,853.12. This trade represents a 4.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 46,350 shares of company stock worth $1,328,248. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its stake in First BanCorp. by 161.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the bank’s stock valued at $54,000 after buying an additional 1,261 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in First BanCorp. by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,671 shares of the bank’s stock worth $461,000 after buying an additional 692 shares in the last quarter. Engineers Gate Manager LP increased its stake in First BanCorp. by 9.9% during the 2nd quarter. Engineers Gate Manager LP now owns 54,178 shares of the bank’s stock worth $1,412,000 after buying an additional 4,874 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of First BanCorp. by 42.8% during the second quarter. NewEdge Advisors LLC now owns 205,731 shares of the bank’s stock valued at $5,363,000 after acquiring an additional 61,624 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of First BanCorp. by 144.3% during the second quarter. Squarepoint Ops LLC now owns 230,787 shares of the bank’s stock valued at $6,017,000 after acquiring an additional 136,331 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank’s offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.