First BanCorp. (NYSE:FBP) PT Raised to $21.00 at Keefe, Bruyette & Woods

First BanCorp. (NYSE:FBP) had its price target increased by Keefe, Bruyette & Woods from $19.00 to $21.00 in a report issued on Thursday, Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company increased their price target on First BanCorp. from $16.00 to $18.00 and gave the company an equal weight rating in a report on Wednesday, April 10th.

First BanCorp. Trading Down 1.9 %

Shares of NYSE:FBP opened at $17.24 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.92 billion, a PE ratio of 9.85, a P/E/G ratio of 1.54 and a beta of 1.16. First BanCorp. has a 1 year low of $10.18 and a 1 year high of $17.74. The firm has a fifty day moving average price of $16.95 and a 200 day moving average price of $16.00.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter in the previous year, the firm earned $0.39 earnings per share. Analysts expect that First BanCorp. will post 1.69 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.71%. First BanCorp.’s dividend payout ratio is presently 36.57%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now directly owns 50,055 shares of the company’s stock, valued at approximately $824,405.85. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the sale, the director now directly owns 50,055 shares in the company, valued at approximately $824,405.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the completion of the sale, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The disclosure for this sale can be found here. Insiders have sold 132,600 shares of company stock valued at $2,278,784 in the last 90 days. 2.50% of the stock is currently owned by insiders.

Institutional Trading of First BanCorp.

A number of institutional investors and hedge funds have recently modified their holdings of FBP. SummerHaven Investment Management LLC raised its stake in shares of First BanCorp. by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after buying an additional 661 shares in the last quarter. Advisor Partners II LLC raised its position in First BanCorp. by 4.8% in the third quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock worth $229,000 after purchasing an additional 780 shares in the last quarter. Mackenzie Financial Corp raised its position in First BanCorp. by 8.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after purchasing an additional 942 shares in the last quarter. Navellier & Associates Inc. lifted its stake in First BanCorp. by 5.8% during the third quarter. Navellier & Associates Inc. now owns 24,085 shares of the bank’s stock worth $324,000 after purchasing an additional 1,317 shares during the period. Finally, Prospector Partners LLC boosted its holdings in First BanCorp. by 0.3% during the fourth quarter. Prospector Partners LLC now owns 477,975 shares of the bank’s stock valued at $7,863,000 after purchasing an additional 1,490 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.