First BanCorp. (NYSE:FBP) Earns “Buy (B)” Rating from Weiss Ratings

First BanCorp. (NYSE:FBP)‘s stock had its “buy (b)” rating reiterated by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wells Fargo & Company upped their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.00.

First BanCorp. Stock Down 0.5%

FBP opened at $21.54 on Wednesday. The firm’s 50-day simple moving average is $21.66 and its 200-day simple moving average is $20.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.60. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 1.34 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The business had revenue of $246.81 million for the quarter, compared to analyst estimates of $250.73 million. During the same quarter in the prior year, the firm earned $0.46 EPS. Equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Transactions at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of First BanCorp.

A number of hedge funds have recently modified their holdings of the company. American Century Companies Inc. raised its position in shares of First BanCorp. by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after acquiring an additional 616,170 shares during the period. Alliancebernstein L.P. raised its position in shares of First BanCorp. by 0.7% in the 1st quarter. Alliancebernstein L.P. now owns 6,508,647 shares of the bank’s stock valued at $124,771,000 after acquiring an additional 48,301 shares during the period. First Trust Advisors LP raised its position in shares of First BanCorp. by 4.7% in the 2nd quarter. First Trust Advisors LP now owns 4,058,943 shares of the bank’s stock valued at $84,548,000 after acquiring an additional 180,848 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of First BanCorp. by 3.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,770,605 shares of the bank’s stock valued at $53,113,000 after acquiring an additional 85,017 shares during the period. Finally, Norges Bank acquired a new stake in shares of First BanCorp. in the 2nd quarter valued at approximately $41,404,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.