First BanCorp. (NYSE:FBP) Price Target Raised to $22.00 at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its target price hoisted by Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have an overweight rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. One analyst has rated the stock with a hold rating and four 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 target price of $22.80.

First BanCorp. Trading Up 2.3 %

Shares of First BanCorp. stock opened at $19.70 on Monday. The firm has a market capitalization of $3.21 billion, a PE ratio of 10.88, a P/E/G ratio of 1.34 and a beta of 0.90. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40. The firm’s 50-day moving average price is $18.56 and its 200 day moving average price is $19.54. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The firm had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. During the same period last year, the company posted $0.44 EPS. First BanCorp.’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.72 annualized dividend and a yield of 3.65%. First BanCorp.’s dividend payout ratio (DPR) is presently 39.13%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the transaction, the executive vice president now owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. Picton Mahoney Asset Management lifted its position in shares of First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after purchasing an additional 514 shares during the last quarter. Blue Trust Inc. grew its stake 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 during the last quarter. Wilmington Savings Fund Society FSB grew its stake in First BanCorp. by 17.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after buying an additional 544 shares during the last quarter. SummerHaven Investment Management LLC grew its stake in First BanCorp. by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank’s stock worth $815,000 after buying an additional 693 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of First BanCorp. by 103.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock valued at $27,000 after purchasing an additional 703 shares during the last quarter. Hedge funds and other 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.