First BanCorp. (NYSE:FBP) Price Target Lowered to $24.00 at Truist Financial

First BanCorp. (NYSE:FBP) had its target price trimmed by Truist Financial from $25.00 to $24.00 in a research note released on Monday morning, MarketBeat reports. The brokerage currently has a buy rating on the bank’s stock.

Several other equities research analysts have also commented on FBP. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. UBS Group set a $25.00 price target on shares of First BanCorp. in a research report on Thursday, October 9th. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 price objective (down from $26.00) on shares of First BanCorp. in a research note on Monday. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

First BanCorp. Price Performance

NYSE FBP opened at $19.85 on Monday. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.60. The firm has a market capitalization of $3.18 billion, a P/E ratio of 9.63, a PEG ratio of 1.09 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $21.68 and a 200-day moving average price of $20.85.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. The firm had revenue of $30.79 million during the quarter, compared to analyst estimates of $256.25 million. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.6%. The ex-dividend date is Friday, November 28th. First BanCorp.’s dividend payout ratio is presently 34.95%.

Insiders Place Their Bets

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at $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 available through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. GAMMA Investing LLC bought a new position in First BanCorp. in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its stake in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares during the period. Jones Financial Companies Lllp boosted its stake in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. Quarry LP boosted its stake in First BanCorp. by 191.2% in the 1st quarter. Quarry LP now owns 3,585 shares of the bank’s stock worth $69,000 after purchasing an additional 2,354 shares during the period. Finally, Covestor Ltd boosted its stake in First BanCorp. by 19.6% in the 1st quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock worth $83,000 after purchasing an additional 711 shares during the period. 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.