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

First BanCorp. (NYSE:FBP) had its price target hoisted by research analysts at Wells Fargo & Company from $20.00 to $22.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.45% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Hovde Group boosted their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler started coverage on shares of First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price on the stock. Finally, Raymond James began coverage on shares of First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $21.17.

First BanCorp. Price Performance

NYSE FBP traded down $1.07 during trading hours on Tuesday, hitting $20.10. 777,999 shares of the company’s stock traded hands, compared to its average volume of 1,055,757. The company has a market capitalization of $3.35 billion, a PE ratio of 11.53, a PEG ratio of 1.45 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 52-week low of $12.72 and a 52-week high of $22.12. The firm’s 50-day moving average is $20.69 and its 200-day moving average is $18.78.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The business had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. During the same period in the prior year, the business earned $0.37 earnings per share. Equities analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling at First BanCorp.

In other news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction on 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 completion of the sale, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Donald Kafka sold 50,000 shares of the stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. The disclosure for this sale can be found here. Insiders have sold a total of 82,452 shares of company stock valued at $1,790,066 over the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co grew its stake in First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after buying an additional 815 shares during the last quarter. SummerHaven Investment Management LLC grew its stake in First BanCorp. by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock worth $1,059,000 after buying an additional 856 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in First BanCorp. by 8.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock worth $217,000 after buying an additional 971 shares during the last quarter. FCG Investment Co grew its stake in First BanCorp. by 4.8% during 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 lifted its position in First BanCorp. by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after acquiring an additional 1,396 shares during the period. Hedge funds and other 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.