First BanCorp. (NYSE:FBP) PT Raised to $22.00

First BanCorp. (NYSE:FBP) had its price objective boosted by Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

FBP has been the subject of a number of other research reports. Hovde Group boosted their target price on First BanCorp. from $21.00 to $25.00 and gave the stock an outperform rating in a research report on Wednesday, July 24th. Piper Sandler assumed coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a neutral rating and a $22.00 price target for the company. Finally, Raymond James initiated coverage on First BanCorp. in a research note on Tuesday, July 9th. They set 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $21.17.

First BanCorp. Price Performance

NYSE FBP opened at $20.56 on Tuesday. The company has a market cap of $3.42 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. The firm’s 50-day simple moving average is $20.57 and its two-hundred day simple moving average is $18.85. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. The firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Research analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

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

Insiders Place Their Bets

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 directly 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 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 First BanCorp. stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the transaction, the executive vice president now directly owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,452 shares of company stock worth $1,790,066. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after buying an additional 448,845 shares during the period. Frontier Capital Management Co. LLC boosted its stake in First BanCorp. by 3.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after acquiring an additional 116,642 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in 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 purchasing an additional 110,797 shares during the period. First Trust Advisors LP increased its stake in shares of First BanCorp. by 5.6% during the fourth quarter. First Trust Advisors LP now owns 1,681,979 shares of the bank’s stock valued at $27,669,000 after purchasing an additional 89,837 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in shares of First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after purchasing an additional 301,443 shares during the last quarter. 97.91% of the stock is currently owned by 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.