First BanCorp. (NYSE:FBP) Given New $20.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective lowered by Wells Fargo & Company from $22.00 to $20.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other research analysts have also issued reports on the company. Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Hovde Group upped their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler started coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $21.40.

First BanCorp. Price Performance

Shares of FBP traded down $0.19 during mid-day trading on Thursday, hitting $19.13. 142,087 shares of the stock were exchanged, compared to its average volume of 1,031,466. First BanCorp. has a 52-week low of $12.95 and a 52-week high of $22.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. The firm has a 50-day moving average of $20.64 and a two-hundred day moving average of $19.18. The company has a market cap of $3.18 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. On average, equities analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

Insider Activity

In related news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the transaction, the executive vice president now owns 89,420 shares of the company’s stock, valued at $1,935,943. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 7,612 shares of First BanCorp. stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the transaction, the executive vice president now directly owns 89,420 shares in the company, valued at approximately $1,935,943. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,452 shares of company stock valued at $699,566. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vest Financial LLC lifted its holdings in shares of First BanCorp. by 14.9% during the 3rd quarter. Vest Financial LLC now owns 72,125 shares of the bank’s stock valued at $1,527,000 after purchasing an additional 9,353 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in First BanCorp. during the 3rd quarter valued at about $529,000. Blue Trust Inc. raised its stake in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares during the last quarter. USA Financial Formulas boosted its holdings in First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after acquiring an additional 2,234 shares in the last quarter. Finally, CWM LLC grew its stake in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 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.