First BanCorp. (NYSE:FBP) Given Average Recommendation of “Buy” by Brokerages

Shares of First BanCorp. (NYSE:FBP) have been given a consensus recommendation of “Buy” by the nine ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and four have issued a strong buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $29.3750.

A number of research firms have commented on FBP. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research report on Thursday, July 23rd. Benchmark increased their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Wells Fargo & Company lifted their target price on shares of First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Weiss Ratings restated a “buy (a-)” rating on shares of First BanCorp. in a research note on Thursday, August 27th. Finally, Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $27.77 on Thursday. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $29.88. 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 company’s fifty day moving average price is $28.15 and its 200 day moving average price is $24.92. The company has a market capitalization of $4.24 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.51 and a beta of 0.80.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The company had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. On average, research analysts predict that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. First BanCorp.’s payout ratio is presently 33.76%.

Insider Activity

In related 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 transaction of $281,900.00. Following the completion of the sale, the executive vice president 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roberto Herencia sold 26,350 shares of the business’s 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 completion of the sale, the director directly owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. This trade represents a 4.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,350 shares of company stock worth $1,328,248 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. First Trust Advisors LP grew its stake in shares of First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock worth $103,858,000 after purchasing an additional 527,991 shares during the period. California State Teachers Retirement System boosted its holdings in First BanCorp. by 2,432.7% during the second quarter. California State Teachers Retirement System now owns 4,694,920 shares of the bank’s stock worth $122,397,000 after buying an additional 4,509,550 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in First BanCorp. by 4.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock worth $75,856,000 after buying an additional 171,580 shares during the period. Arrowstreet Capital Limited Partnership grew its position in First BanCorp. by 48.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after buying an additional 871,860 shares during the period. Finally, Verition Fund Management LLC increased its holdings in First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after buying an additional 548,164 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.