First BanCorp. (NYSE:FBP) Now Covered by Analysts at Raymond James

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

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

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $18.91 on Tuesday. The business has a 50-day simple moving average of $17.84 and a 200-day simple moving average of $17.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a one year low of $12.72 and a one year high of $19.02. The company has a market cap of $3.15 billion, a PE ratio of 10.81, a P/E/G ratio of 1.46 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 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 company had revenue of $302.49 million during the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter in the previous year, the business posted $0.39 EPS. On average, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

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

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 255,236 shares in the company, valued at $4,596,800.36. The sale was disclosed in a document filed with the SEC, which is available through this link. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares in the company, valued at $4,596,800.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the company’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 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 disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after purchasing an additional 448,845 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First BanCorp. by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock worth $166,095,000 after acquiring an additional 65,021 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in shares of First BanCorp. by 3.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after acquiring an additional 116,642 shares in the last quarter. Norges Bank acquired a new position in shares of First BanCorp. during the fourth quarter worth about $32,590,000. Finally, Goldman Sachs Group Inc. raised its holdings in First BanCorp. by 6.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after purchasing an additional 110,797 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.