First BanCorp. (NYSE:FBP) Research Coverage Started at Raymond James

Raymond James started coverage on shares of First BanCorp. (NYSE:FBP) in a research report released on Tuesday, MarketBeat reports. The brokerage issued an outperform rating and a $21.00 price target on the bank’s stock.

FBP has been the topic of several other research reports. Wells Fargo & Company upped their price objective on First BanCorp. from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an outperform rating in a report on Thursday, April 25th.

First BanCorp. Price Performance

First BanCorp. stock opened at $18.91 on Tuesday. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $19.02. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $17.84 and a 200-day moving average price of $17.12. The firm has a market capitalization of $3.15 billion, a PE ratio of 10.81, a price-to-earnings-growth ratio of 1.46 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The business had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. During the same quarter last year, the firm earned $0.39 earnings per share. As a group, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.38%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Buying and Selling

In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $4,964,198.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was 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 $4,596,800.36. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

Institutional Trading of First BanCorp.

A number of institutional investors have recently modified their holdings of FBP. Norges Bank purchased a new stake in First BanCorp. during the fourth quarter valued at approximately $32,590,000. Wellington Management Group LLP boosted its position in shares of First BanCorp. by 2,172.9% in the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after purchasing an additional 993,819 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in First BanCorp. during the 1st quarter worth $16,719,000. Jacobs Levy Equity Management Inc. grew its stake in First BanCorp. by 140.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank’s stock worth $12,246,000 after buying an additional 531,654 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in First BanCorp. by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after buying an additional 448,845 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.