First BanCorp. (NYSE:FBP) Sets New 12-Month High – Should You Buy?

First BanCorp. (NYSE:FBP)’s stock price reached a new 52-week high on Monday . The stock traded as high as $25.56 and last traded at $25.7380, with a volume of 1173132 shares trading hands. The stock had previously closed at $25.50.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FBP shares. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Wells Fargo & Company raised their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Piper Sandler boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $26.00 to $27.00 in a report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $25.86.

First BanCorp. Stock Performance

The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 1.53 and a beta of 0.83. The company’s fifty day simple moving average is $23.67 and its two-hundred day simple moving average is $22.14. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The company had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, analysts forecast that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 28th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.1%. First BanCorp.’s dividend payout ratio is 35.56%.

Hedge Funds Weigh In On First BanCorp.

Several large investors have recently bought and sold shares of FBP. Fifth Third Bancorp grew its stake in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after acquiring an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp bought a new position in shares of First BanCorp. during the fourth quarter valued at about $40,000. Jones Financial Companies Lllp boosted its holdings in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the last quarter. Finally, State of Wyoming purchased a new position in First BanCorp. during the fourth quarter worth about $64,000. 97.91% of the stock is currently owned by 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.