First BanCorp. (NYSE:FBP) Stock Now Rated “Moderate Buy” by Wall Street Analysts

First BanCorp. (NYSE:FBP) has been given a consensus recommendation of “Moderate Buy” by the nine analysts that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $29.86.

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Raymond James Financial lowered First BanCorp. from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday. Benchmark upped their target price on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Weiss Ratings restated a “buy (a-)” rating on shares of First BanCorp. in a research report on Thursday, August 27th. Finally, Truist Financial lifted their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th.

Insiders Place Their Bets

In other news, EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the executive vice president owned 230,398 shares of the company’s stock, valued at approximately $6,494,919.62. This represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roberto Herencia sold 26,350 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total value of $750,448.00. Following the sale, the director owned 610,669 shares of the company’s stock, valued at $17,391,853.12. This represents a 4.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 46,350 shares of company stock worth $1,328,248. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in shares of First BanCorp. by 12.2% in the first 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 last quarter. Arrowstreet Capital Limited Partnership boosted its position in First BanCorp. by 48.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after acquiring an additional 871,860 shares in the last quarter. Norges Bank bought a new stake in First BanCorp. during the 4th quarter valued at approximately $42,138,000. Bank of America Corp DE grew its holdings in shares of First BanCorp. by 22.1% during the 1st quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank’s stock worth $34,833,000 after acquiring an additional 294,888 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of First BanCorp. by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,021,220 shares of the bank’s stock worth $21,813,000 after acquiring an additional 52,568 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Trading Up 0.1%

NYSE:FBP opened at $26.70 on Monday. The business’s 50-day moving average price is $27.95 and its two-hundred day moving average price is $25.82. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.88. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 1.02 and a beta of 0.84. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last announced its 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. The firm had revenue of $264.86 million for the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. On average, equities analysts expect that First BanCorp. will post 2.40 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Thursday, August 27th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Thursday, August 27th. First BanCorp.’s dividend payout ratio is presently 33.76%.

About First BanCorp.

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank’s offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.