Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First BanCorp. (NYSE:FBP) Stock

First BanCorp. (NYSE:FBP) had its price target increased by equities researchers at Keefe, Bruyette & Woods from $25.00 to $26.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 25.26% from the company’s current price.

Other research analysts have also issued research reports about the stock. Piper Sandler lowered 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 note on Thursday, October 24th. Wells Fargo & Company dropped their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, Hovde Group reduced their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Stock Performance

Shares of FBP opened at $20.76 on Friday. The stock has a market capitalization of $3.40 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14. First BanCorp. has a 12-month low of $15.95 and a 12-month high of $22.40. The business’s fifty day moving average price is $19.68 and its 200 day moving average price is $20.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same quarter last year, the business posted $0.46 earnings per share. Equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

Insider Activity at First BanCorp.

In other 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 sale, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Institutional investors have recently added to or reduced their stakes in the company. EMC Capital Management raised its stake in shares of First BanCorp. by 129.9% in the 4th quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock valued at $426,000 after buying an additional 12,943 shares in the last quarter. R Squared Ltd bought a new stake in shares of First BanCorp. during the fourth quarter valued at approximately $28,000. KBC Group NV raised its position in First BanCorp. by 61.7% in the 4th quarter. KBC Group NV now owns 8,464 shares of the bank’s stock worth $157,000 after purchasing an additional 3,230 shares during the last quarter. Blue Trust Inc. lifted its holdings in First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after buying an additional 542 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in First BanCorp. by 21.0% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 16,338 shares of the bank’s stock valued at $304,000 after buying an additional 2,837 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.