Hovde Group Boosts First BanCorp. (NYSE:FBP) Price Target to $25.00

First BanCorp. (NYSE:FBP) had its target price lifted by Hovde Group from $21.00 to $25.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also weighed in on the company. Wells Fargo & Company lifted their price objective on First BanCorp. from $18.00 to $19.00 and gave the stock an equal weight rating in a report on Tuesday, July 9th. Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an outperform rating and a $21.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an outperform rating in a report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $20.00.

First BanCorp. Price Performance

FBP opened at $21.83 on Wednesday. The firm has a market cap of $3.63 billion, a P/E ratio of 12.47, a PEG ratio of 1.77 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The firm has a 50-day moving average of $18.44 and a 200 day moving average of $17.47.

First BanCorp. (NYSE:FBP) last posted its quarterly 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. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, research analysts expect that First BanCorp. will post 1.77 EPS for the current year.

First BanCorp. Announces Dividend

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

Insider Buying and Selling

In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the firm’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 owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,277 shares of company stock valued at $2,529,539. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Institutional investors have recently made changes to their positions in the stock. SummerHaven Investment Management LLC increased its stake in First BanCorp. by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after acquiring an additional 661 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after purchasing an additional 815 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of First BanCorp. by 8.1% during the 4th quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock valued at $206,000 after buying an additional 942 shares in the last quarter. FCG Investment Co lifted its position in First BanCorp. by 4.8% in the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock worth $551,000 after buying an additional 1,375 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in First BanCorp. by 4.3% in the first quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after buying an additional 1,396 shares in the last quarter. 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.