First BanCorp. (NYSE:FBP) shares traded 0.87% higher at $12.70 on Wall Street last session.
In accordance with the data, 5 analysts cover First BanCorp. (NYSE:FBP). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $15.00 and a low of $12.50, we find $14.00. Given the previous closing price of $12.59, this indicates a potential upside of 11.2 percent. FBP stock price is now 7.11% away from the 50-day moving average and -3.42% away from the 200-day moving average. The market capitalization of the company currently stands at $2.24B.
It has been rated a hold by 1 analysts and a buy by 4. Brokers who have rated the stock have averaged $14.10 as their price target over the next twelve months.
With the price target reduced from $17 to $14, Wells Fargo Downgraded its rating from Overweight to Equal Weight for First BanCorp. (NYSE: FBP).
In other news, Heffern John A., Director bought 3,000 shares of the company’s stock on Mar 15. The stock was bought for $34,827 at an average price of $11.61. Upon completion of the transaction, the Director now directly owns 84,895 shares in the company, valued at $1.08 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 10, Director Dedrick Tracey A bought 500 shares of the business’s stock. A total of $6,325 was incurred on buying the stock at an average price of $12.65. This leaves the insider owning 25,928 shares of the company worth $0.33 million. Insiders disposed of 495,106 shares of company stock worth roughly $6.29 million over the past 1 year. A total of 1.40% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in FBP stock. A new stake in First BanCorp. shares was purchased by TUDOR INVESTMENT CORP ET AL during the first quarter worth $3,721,000. D. E. SHAW & CO., INC. invested $3,106,000 in shares of FBP during the first quarter. In the first quarter, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP acquired a new stake in First BanCorp. valued at approximately $1,781,000. AIGEN INVESTMENT MANAGEMENT, LP acquired a new stake in FBP for approximately $362,000. POINT72 ASSET MANAGEMENT, L.P. purchased a new stake in FBP valued at around $294,000 in the second quarter. In total, there are 353 active investors with 98.00% ownership of the company’s stock.
First BanCorp. (NYSE: FBP) opened at $12.70 on Tuesday. During the past 12 months, First BanCorp. has had a low of $10.18 and a high of $16.40. The fifty day moving average price for FBP is $11.88 and a two-hundred day moving average price translates $13.14 for the stock.
The latest earnings results from First BanCorp. (NYSE: FBP) was released for Mar, 2023. According to the Banks – Regional Company, earnings per share came in at $0.39, beating analysts’ expectations of $0.35 by 0.04. This compares to $0.41 EPS in the same period last year. The net profit margin was 32.30% and return on equity was 21.10% for FBP. The company reported revenue of $242.4 million for the quarter, compared to $197.85 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 22.51 percent. For the current quarter, analysts expect FBP to generate $201.56M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 06/09/2023. Investors who held shares on 05/24/2023 were paid a $0.14 dividend. On an annualized basis, this represents a $0.56 dividend and a 4.41% percent yield. There was an ex-dividend date of 05/23/2023 for this dividend. In terms of dividend payout ratio, FBP is presently at 31.80%.
First BanCorp.(FBP) 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. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans, as well as other products, such as cash management and business management services. The Mortgage Banking segment engages in the origination, sale, and servicing of various residential mortgage loans; acquisition and sale of mortgages in the secondary markets; and purchase of mortgage loans from other local banks and mortgage bankers. The Consumer (Retail) Banking segment provides auto loans, finance leases, boat and personal loans, credit card loans, and lines of credit; and interest-bearing and non-interest-bearing checking and savings accounts, and individual retirement accounts and retail certificates of deposit (CDs), as well as insurance agency services. The Treasury and Investments segment offers funding and liquidity management services. The United States Operations segment provides checking, savings, and money market accounts, as well as retail CDs; traditional commercial and industrial, and commercial real estate loans, residential mortgages, home equity loans, lines of credit, FHLB advances, and brokered CDs; and internet banking, cash management, remote deposit capture, and automated clearing house transactions services. The Virgin Islands Operations segment is involved in consumer, commercial lending, and deposit-taking activities. First BanCorp. was founded in 1948 and is headquartered in San Juan, Puerto Rico.
