First BanCorp. (NYSE:FBP) Price Target Raised to $22.00

First BanCorp. (NYSE:FBP) had its price target raised by Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Other equities research analysts also recently issued reports about the company. Hovde Group cut their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Piper Sandler cut their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

First BanCorp. Stock Performance

Shares of FBP opened at $20.45 on Tuesday. The company has a market capitalization of $3.35 billion, a PE ratio of 11.30, a PEG ratio of 1.86 and a beta of 1.12. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50 day moving average price is $20.55 and its 200 day moving average price is $19.83. First BanCorp. has a 52 week low of $15.15 and a 52 week high of $22.40.

First BanCorp. (NYSE:FBP) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same quarter last year, the business posted $0.46 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Friday, November 29th. First BanCorp.’s dividend payout ratio is 35.36%.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently bought and sold shares of the company. Gladius Capital Management LP acquired a new stake in shares of First BanCorp. in the third quarter worth $25,000. Blue Trust Inc. raised its stake in shares of First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares in the last quarter. CWM LLC lifted its stake in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of First BanCorp. during the 3rd quarter worth approximately $66,000. Finally, USA Financial Formulas boosted its stake in First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after buying an additional 2,234 shares in the last quarter. 97.91% of the stock is currently owned by 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.