First BanCorp. (NYSE:FBP) Given New $22.00 Price Target at Wells Fargo & Company

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

Several other equities research analysts have also recently issued reports on the stock. 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 report on Wednesday, July 24th. Piper Sandler initiated coverage on First BanCorp. in a research note on Monday, August 26th. They issued a neutral rating and a $22.00 price target on the stock. Finally, Raymond James initiated coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an outperform rating and a $21.00 price objective on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $21.17.

First BanCorp. Stock Performance

Shares of FBP opened at $20.56 on Tuesday. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 1.45 and a beta of 1.10. The business’s fifty day simple moving average is $20.57 and its two-hundred day simple moving average is $18.85. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12. 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 released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the company earned $0.37 EPS. Research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.11%. First BanCorp.’s payout ratio is 36.57%.

Insider Transactions at First BanCorp.

In related news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares in the company, valued at approximately $3,807,786.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Carlos Power sold 22,896 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the sale, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their position. 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 corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FBP. Neo Ivy Capital Management bought a new stake in First BanCorp. during the 4th quarter valued at about $36,000. SageView Advisory Group LLC bought a new stake in shares of First BanCorp. during the first quarter valued at approximately $110,000. Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. in the second quarter valued at approximately $146,000. Choreo LLC purchased a new stake in shares of First BanCorp. in the 2nd quarter worth $207,000. Finally, Bailard Inc. bought a new position in shares of First BanCorp. during the 2nd quarter worth $216,000. 97.91% of the stock is currently owned by institutional investors.

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.