Prepare Yourself for Liftoff: First BanCorp. (FBP)

First BanCorp. (NYSE: FBP) stock fell -1.42% on Friday to $14.56 against a previous-day closing price of $14.77. With 1.44 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.55 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $15.09 whereas the lowest price it dropped to was $14.55. The 52-week range on FBP shows that it touched its highest point at $16.62 and its lowest point at $11.83 during that stretch. It currently has a 1-year price target of $17.60. With its current market cap of 2.74 billion, FBP has annualized dividend of $0.48 while the current yield stands at 3.30%. Beta for the stock currently stands at 1.18.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FBP was up-trending over the past week, with a rise of 2.61%, but this was down by -4.71% over a month. Three-month performance surged to 9.39% while six-month performance rose 8.01%. The stock gained 21.74% in the past year, while it has gained 5.66% so far this year. A look at the trailing 12-month EPS for FBP yields 1.51 with Next year EPS estimates of 1.74. For the next quarter, that number is 0.39. This implies an EPS growth rate of 186.90% for this year and 8.85% for next year. EPS is expected to grow by 14.40% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 24.90%.

Float and Shares Shorts:

At present, 194.41 million FBP shares are outstanding with a float of 184.66 million shares on hand for trading. On Aug 30, 2022, short shares totaled 6.89 million, which was 3.66% higher than short shares on Jul 28, 2022. In addition to Mr. Aurelio Alemán-Bermudez as the firm’s Pres, CEO & Director, Mr. Orlando Berges-González CPA, CPA serves as its Exec. VP & CFO.

Institutional Ownership:

Through their ownership of 99.45% of FBP’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 70.91% of FBP, in contrast to 37.52% held by mutual funds. Shares owned by individuals account for 26.46%. As the largest shareholder in FBP with 14.39% of the stake, BlackRock Fund Advisors holds 27,046,216 shares worth 27,046,216. A second-largest stockholder of FBP, The Vanguard Group, Inc., holds 24,237,627 shares, controlling over 12.89% of the firm’s shares. Dimensional Fund Advisors LP is the third largest shareholder in FBP, holding 14,912,553 shares or 7.93% stake. With a 6.97% stake in FBP, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 13,109,498 shares are owned by the mutual fund manager. The American Century Small Cap Value, which owns about 4.15% of FBP stock, is the second-largest Mutual Fund holder. It holds 7,795,000 shares valued at 111.47 million. Vanguard Total Stock Market Index holds 3.10% of the stake in FBP, owning 5,833,106 shares worth 83.41 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. It generated $74.69M net income for the quarter, which came to $306.61M over the last twelve months.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FBP since 5 analysts follow the stock currently. There are 5 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With FBP analysts setting a high price target of $19.00 and a low target of $16.00, the average target price over the next 12 months is $17.60. Based on these targets, FBP could surge 30.49% to reach the target high and rise by 9.89% to reach the target low. Reaching the average price target will result in a growth of 20.88% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. FBP will report FY 2022 earnings on 01/26/2023. Analysts have provided yearly estimates in a range of $1.64 being high and $1.56 being low. For FBP, this leads to a yearly average estimate of $1.60. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. First BanCorp. surprised analysts by $0.03 when it reported $0.38 EPS against a consensus estimate of $0.35. The surprise factor in the prior quarter was $0.09. Based on analyst estimates, the high estimate for the next quarter is $0.42 and the low estimate is $0.37. The average estimate for the next quarter is thus $0.39.

Summary of Insider Activity:

Insiders traded FBP stock several times over the past three months with 0 Buys and 8 Sells. In these transactions, 0 shares were bought while 170,000 shares were sold. The number of buy transactions has increased to 31 while that of sell transactions has risen to 52 over the past year. The total number of shares bought during that period was 373,873 while 510,448 shares were sold.

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