First BanCorp. (NYSE:FBP) Sets New 52-Week High – Here’s What Happened

First BanCorp. (NYSE:FBP) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $29.49 and last traded at $29.3970, with a volume of 25639 shares. The stock had previously closed at $29.21.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Raymond James Financial increased their price objective on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Zacks Research upgraded shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company upped their price target on shares of First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday. Four equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $29.38.

First BanCorp. Price Performance

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The company has a market cap of $4.54 billion, a PE ratio of 12.54, a P/E/G ratio of 1.58 and a beta of 0.81. The firm has a 50 day moving average of $27.17 and a two-hundred day moving average of $24.17.

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. The company had revenue of $264.86 million for the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. Research analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. First BanCorp.’s payout ratio is presently 33.76%.

Hedge Funds Weigh In On First BanCorp.

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in First BanCorp. in the 4th quarter worth approximately $42,138,000. Boston Partners grew its holdings in First BanCorp. by 767.8% during the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after buying an additional 1,116,791 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of First BanCorp. by 48.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after buying an additional 871,860 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of First BanCorp. by 82.9% during the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after buying an additional 649,987 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after buying an additional 548,164 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

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.