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

First BanCorp. (NYSE:FBP) had its target price upped by Wells Fargo & Company from $20.00 to $22.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

FBP has been the subject of several other reports. Piper Sandler started coverage on shares of First BanCorp. in a report on Monday, August 26th. They issued a neutral rating and a $22.00 price objective for the company. Raymond James assumed coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an outperform rating and a $21.00 price target for the company. Finally, Hovde Group boosted their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First BanCorp. presently has a consensus rating of Moderate Buy and an average target price of $21.17.

First BanCorp. Price Performance

First BanCorp. stock opened at $20.02 on Tuesday. The business’s 50 day simple moving average is $20.59 and its 200 day simple moving average is $18.82. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.45 and a beta of 1.10. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter in the prior year, the firm earned $0.37 EPS. Sell-side analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.20%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at $5,002,280.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc increased its stake in First BanCorp. by 7.0% in the fourth quarter. TD Asset Management Inc now owns 121,000 shares of the bank’s stock valued at $1,990,000 after acquiring an additional 7,900 shares during the last quarter. Campbell & CO Investment Adviser LLC increased its position in shares of First BanCorp. by 417.5% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 52,997 shares of the bank’s stock valued at $872,000 after purchasing an additional 42,757 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in shares of First BanCorp. by 47.1% during the 4th quarter. Rafferty Asset Management LLC now owns 262,942 shares of the bank’s stock valued at $4,325,000 after buying an additional 84,247 shares in the last quarter. First Trust Advisors LP lifted its position in First BanCorp. by 5.6% in the 4th quarter. First Trust Advisors LP now owns 1,681,979 shares of the bank’s stock worth $27,669,000 after buying an additional 89,837 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in First BanCorp. by 3.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after buying an additional 116,642 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.