First BanCorp. (NYSE:FBP) Hits New 12-Month High at $21.75

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $21.75 and last traded at $21.57, with a volume of 103905 shares traded. The stock had previously closed at $21.07.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FBP. Keefe, Bruyette & Woods boosted their price objective on shares of 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 lifted their price target on First BanCorp. from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 9th. Finally, Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company.

First BanCorp. Trading Up 1.7 %

The company has a market capitalization of $3.56 billion, a PE ratio of 12.04, a P/E/G ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The firm’s 50 day moving average is $18.16 and its 200 day moving average is $17.32.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. The firm had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period in the prior year, the firm posted $0.39 earnings per share. As a group, equities analysts predict that First BanCorp. will post 1.74 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Thursday, May 30th. First BanCorp.’s payout ratio is 36.57%.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 5,277 shares of the company’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 transaction of $95,038.77. Following the completion of the transaction, the executive vice president now owns 255,236 shares in the company, valued at $4,596,800.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 277,020 shares in the company, valued at approximately $4,964,198.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of First BanCorp. by 239.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after purchasing an additional 67,844 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in First BanCorp. by 6.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after acquiring an additional 110,797 shares during the period. SummerHaven Investment Management LLC boosted its holdings in shares of First BanCorp. by 1.2% during the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after acquiring an additional 661 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of First BanCorp. by 2,172.9% in the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after acquiring an additional 993,819 shares during the period. Finally, Headlands Technologies LLC bought a new position in First BanCorp. during the fourth quarter valued at approximately $113,000. Institutional investors own 97.91% of the company’s stock.

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.