First BanCorp. (NYSE:FBP) Price Target Cut to $24.00

First BanCorp. (NYSE:FBP) had its price target cut by research analysts at Hovde Group from $25.00 to $24.00 in a report released on Friday, MarketBeat.com reports. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s target price points to a potential upside of 27.12% from the stock’s previous close.

Several other research firms have also commented on FBP. Raymond James started coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Piper Sandler reduced their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Price Performance

Shares of FBP opened at $18.88 on Friday. The company has a 50 day moving average price of $20.60 and a 200-day moving average price of $19.20. First BanCorp. has a fifty-two week low of $12.95 and a fifty-two week high of $22.12. The stock has a market capitalization of $3.09 billion, a PE ratio of 10.37, a PEG ratio of 1.74 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77.

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

Insider Buying and Selling at First BanCorp.

In other First BanCorp. 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 transaction of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other First BanCorp. 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 transaction of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their position. The sale 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 the company’s 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 transaction, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,452 shares of company stock worth $699,566. 2.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in shares of First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the last quarter. CWM LLC boosted its holdings in shares of First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares during the last quarter. USA Financial Formulas boosted its holdings in shares of First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after acquiring an additional 2,234 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. in the 1st quarter valued at $110,000. Finally, Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. in the 2nd quarter valued at $146,000. Institutional investors and hedge funds 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.