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

First BanCorp. (NYSE:FBP) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $22.63 and last traded at $22.2610, with a volume of 201 shares. The stock had previously closed at $22.08.

Analysts Set New Price Targets

FBP has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price target (down from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Wells Fargo & Company cut their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Wednesday, October 8th. UBS Group set a $25.00 price target on First BanCorp. in a research note on Thursday, October 9th. Finally, Truist Financial lowered their price objective on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, First BanCorp. has a consensus rating of “Moderate Buy” and an average target price of $23.80.

First BanCorp. Stock Performance

The company has a market cap of $3.55 billion, a PE ratio of 10.89, a P/E/G ratio of 1.17 and a beta of 0.88. The stock’s 50 day simple moving average is $20.76 and its two-hundred day simple moving average is $21.12. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $248.71 million during the quarter, compared to analysts’ expectations of $256.25 million. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. During the same period in the previous year, the company earned $0.45 EPS. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of FBP. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of First BanCorp. by 13.5% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 30,489 shares of the bank’s stock valued at $632,000 after purchasing an additional 3,637 shares in the last quarter. Range Financial Group LLC raised its holdings in First BanCorp. by 10.1% in the fourth quarter. Range Financial Group LLC now owns 101,776 shares of the bank’s stock valued at $2,110,000 after buying an additional 9,350 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in First BanCorp. by 9.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 45,131 shares of the bank’s stock valued at $943,000 after buying an additional 3,977 shares during the period. Wedge Capital Management L L P NC lifted its position in First BanCorp. by 1.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 68,322 shares of the bank’s stock valued at $1,416,000 after buying an additional 1,068 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in First BanCorp. during the fourth quarter worth approximately $96,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.