First BanCorp. (NYSE:FBP) Given Average Rating of “Buy” by Analysts

First BanCorp. (NYSE:FBP) has received an average rating of “Buy” from the eight research firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $27.8750.

Several research analysts have commented on the stock. Benchmark began coverage on shares of First BanCorp. in a research note on Wednesday, July 15th. They set a “buy” rating and a $31.00 price objective for the company. 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. Piper Sandler lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Finally, Keefe, Bruyette & Woods upped their price target 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.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FBP. Royal Bank of Canada raised its holdings in shares of First BanCorp. by 24.4% in the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock worth $824,000 after buying an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of First BanCorp. by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after acquiring an additional 4,236 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock valued at $9,911,000 after acquiring an additional 29,631 shares during the period. Finally, Jane Street Group LLC grew its position in First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after acquiring an additional 402,488 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $27.59 on Wednesday. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.73 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. The stock has a 50 day moving average price of $25.33 and a 200-day moving average price of $23.20. First BanCorp. has a one year low of $19.16 and a one year high of $27.89.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The company had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same quarter in the prior year, the firm posted $0.47 EPS. Equities analysts expect that First BanCorp. will post 2.26 EPS for the current year.

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.