First BanCorp. (NYSE:FBP) Reaches New 12-Month High at $18.62

First BanCorp. (NYSE:FBP) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $18.62 and last traded at $18.61, with a volume of 762714 shares traded. The stock had previously closed at $18.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Wells Fargo & Company boosted their target price on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th.

First BanCorp. Stock Performance

The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 1.50 and a beta of 1.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $17.72 and a 200 day moving average of $17.03.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same period in the prior year, the company posted $0.39 EPS. As a group, equities research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 30th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Thursday, May 30th. First BanCorp.’s payout ratio is currently 36.57%.

Insider Activity

In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the sale, the chief financial officer now owns 277,020 shares in the company, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC raised its holdings in shares of First BanCorp. by 1.2% during the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after buying an additional 661 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after acquiring an additional 815 shares in the last quarter. Mackenzie Financial Corp boosted its position in First BanCorp. by 8.1% during the 4th quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after acquiring an additional 942 shares during the period. ProShare Advisors LLC grew its stake in shares of First BanCorp. by 4.3% in the first quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after purchasing an additional 1,396 shares in the last quarter. Finally, Prospector Partners LLC increased its holdings in shares of First BanCorp. by 0.3% during the fourth quarter. Prospector Partners LLC now owns 477,975 shares of the bank’s stock valued at $7,863,000 after purchasing an additional 1,490 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.