First BanCorp. (NYSE:FBP) Price Target Raised to $24.00 at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective boosted by Wells Fargo & Company from $23.00 to $24.00 in a research note published on Monday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also recently issued research reports about the stock. Truist Financial upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Piper Sandler reissued a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Hovde Group raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $24.75.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $20.85 on Monday. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $23.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The business’s fifty day moving average price is $21.62 and its two-hundred day moving average price is $21.14. The firm has a market capitalization of $3.25 billion, a PE ratio of 9.70, a P/E/G ratio of 1.30 and a beta of 0.87.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The company had revenue of $257.17 million during the quarter, compared to the consensus estimate of $256.18 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, February 26th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.8%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, February 26th. First BanCorp.’s dividend payout ratio (DPR) is presently 37.21%.

Insider Buying and Selling at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the transaction, the director directly owned 637,019 shares in the company, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in shares of First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after acquiring an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First BanCorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after purchasing an additional 4,236 shares during the period. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% during 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after purchasing an additional 29,631 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.