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

First BanCorp. (NYSE:FBP) had its target price raised by equities research analysts at Wells Fargo & Company from $20.00 to $22.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 5.77% from the stock’s previous close.

Several other equities analysts have also issued reports on FBP. Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Hovde Group cut their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus price target of $21.80.

First BanCorp. Stock Up 0.5 %

NYSE FBP traded up $0.10 during mid-day trading on Tuesday, hitting $20.80. The company’s stock had a trading volume of 65,586 shares, compared to its average volume of 1,036,017. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The company’s 50 day simple moving average is $20.56 and its 200 day simple moving average is $19.80. First BanCorp. has a twelve month low of $15.15 and a twelve month high of $22.40. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.87 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The firm had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same period in the previous year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 9.56 % 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. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds have recently made changes to their positions in FBP. State Street Corp boosted its stake in First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the period. LSV Asset Management lifted its stake in First BanCorp. by 22.9% in the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after purchasing an additional 301,443 shares in the last quarter. Panagora Asset Management Inc. grew its position in shares of First BanCorp. by 55.8% during the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock valued at $12,014,000 after purchasing an additional 235,156 shares in the last quarter. Barclays PLC lifted its position in shares of First BanCorp. by 106.1% in the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after buying an additional 189,148 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in First BanCorp. during the 3rd quarter valued at approximately $2,607,000. 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.