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

First BanCorp. (NYSE:FBP) hit a new 52-week high on Wednesday . The stock traded as high as $22.17 and last traded at $22.16, with a volume of 840191 shares traded. The stock had previously closed at $19.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler decreased their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company decreased their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Raymond James initiated coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

First BanCorp. Price Performance

The stock has a market cap of $3.64 billion, a PE ratio of 12.27, a P/E/G ratio of 1.65 and a beta of 1.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day moving average of $20.41 and a 200 day moving average of $19.38.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The firm had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. First BanCorp.’s revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts anticipate that First BanCorp. will post 1.75 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.50% of the stock is currently owned by insiders.

Institutional Trading of First BanCorp.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co raised its position in shares of First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after purchasing an additional 815 shares during the period. SummerHaven Investment Management LLC grew its holdings in First BanCorp. by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock worth $1,059,000 after buying an additional 856 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in First BanCorp. by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock worth $217,000 after buying an additional 971 shares in the last quarter. FCG Investment Co grew its holdings in First BanCorp. by 4.8% in the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock worth $551,000 after buying an additional 1,375 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in First BanCorp. by 4.3% in the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after buying an additional 1,396 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Company Profile

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.