First BanCorp. (NYSE:FBP – Get Free Report) crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $25.97 and traded as high as $26.75. First BanCorp. shares last traded at $26.7050, with a volume of 1,384,260 shares traded.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on FBP. Truist Financial upped their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 13th. Raymond James Financial cut shares of First BanCorp. from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 6th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of First BanCorp. in a research note on Thursday, August 27th. Finally, Zacks Research lowered shares of First BanCorp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.86.
Get Our Latest Stock Report on First BanCorp.
First BanCorp. Stock Up 0.6%
The business’s 50 day moving average is $27.77 and its 200-day moving average is $26.02. 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 company has a market cap of $4.18 billion, a PE ratio of 11.54, a P/E/G ratio of 1.02 and a beta of 0.84.
First BanCorp. (NYSE:FBP – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. As a group, analysts predict that First BanCorp. will post 2.40 EPS for the current year.
First BanCorp. Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Thursday, August 27th were issued a $0.20 dividend. The ex-dividend date was Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.9%. First BanCorp.’s dividend payout ratio is presently 33.76%.
Insider Buying and Selling at First BanCorp.
In related news, Director Roberto Herencia sold 26,350 shares of First BanCorp. stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the sale, the director directly owned 610,669 shares in the company, valued at $17,391,853.12. This trade represents a 4.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the transaction, the executive vice president owned 230,398 shares of the company’s stock, valued at $6,494,919.62. This represents a 4.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 46,350 shares of company stock worth $1,328,248 over the last quarter. 1.90% of the stock is owned by company insiders.
Institutional Investors Weigh In On First BanCorp.
Institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership raised its stake in First BanCorp. by 48.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after acquiring an additional 871,860 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of First BanCorp. by 12.2% in the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after acquiring an additional 527,991 shares in the last quarter. Bank of America Corp DE raised its holdings in First BanCorp. by 22.1% during the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank’s stock worth $34,833,000 after purchasing an additional 294,888 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in First BanCorp. by 546.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 291,969 shares of the bank’s stock valued at $6,301,000 after purchasing an additional 246,838 shares in the last quarter. Finally, Edgestream Partners L.P. raised its stake in shares of First BanCorp. by 46.9% during the 1st quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank’s stock worth $12,986,000 after buying an additional 193,981 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.
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.
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