First BanCorp. (NYSE:FBP) Price Target Raised to $20.00

First BanCorp. (NYSE:FBP) had its price target boosted by Wells Fargo & Company from $19.00 to $20.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

A number of other brokerages have also commented on FBP. Hovde Group raised their target price on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an outperform rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the company an outperform rating in a report on Thursday, April 25th. Finally, Raymond James assumed coverage on shares of First BanCorp. in a report on Tuesday, July 9th. They set an outperform rating and a $21.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $20.00.

First BanCorp. Stock Performance

First BanCorp. stock opened at $21.83 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 1-year low of $12.72 and a 1-year high of $22.12. The firm has a market capitalization of $3.63 billion, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The company’s 50-day moving average is $18.44 and its 200 day moving average is $17.46.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period last year, the company posted $0.37 earnings per share. Research analysts forecast that First BanCorp. will post 1.75 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 2.93%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The disclosure for this sale can be found here. Insiders sold a total of 130,277 shares of company stock worth $2,529,539 over the last three months. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after purchasing an additional 448,845 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in First BanCorp. by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock valued at $166,095,000 after purchasing an additional 65,021 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings 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 valued at $51,826,000 after purchasing an additional 116,642 shares during the last quarter. Norges Bank purchased a new stake in First BanCorp. in the fourth quarter valued at $32,590,000. Finally, Goldman Sachs Group Inc. raised its position in shares of First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after acquiring an additional 110,797 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.