First BanCorp. (NYSE:FBP) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective decreased by Wells Fargo & Company from $22.00 to $20.00 in a report released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler cut their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Hovde Group cut their price target 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. Finally, Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.20.

First BanCorp. Stock Down 0.8 %

Shares of NYSE FBP opened at $18.47 on Monday. The stock has a 50-day moving average price of $20.00 and a two-hundred day moving average price of $20.11. First BanCorp. has a 12 month low of $15.15 and a 12 month high of $22.40. 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 has a market cap of $3.03 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 1.82 and a beta of 1.14.

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

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, November 29th. First BanCorp.’s payout ratio is presently 35.36%.

Insider Buying and Selling at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FBP. Natixis Advisors LLC boosted its holdings in shares of First BanCorp. by 4.7% during the 2nd quarter. Natixis Advisors LLC now owns 48,460 shares of the bank’s stock worth $886,000 after buying an additional 2,166 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in First BanCorp. by 5.3% in the second quarter. Los Angeles Capital Management LLC now owns 56,040 shares of the bank’s stock worth $1,025,000 after purchasing an additional 2,814 shares during the period. LSV Asset Management increased its stake in First BanCorp. by 22.9% in 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 in the last quarter. X Square Capital LLC raised its holdings in shares of First BanCorp. by 45.2% during the second quarter. X Square Capital LLC now owns 351,170 shares of the bank’s stock valued at $6,423,000 after purchasing an additional 109,340 shares during the period. Finally, Choreo LLC bought a new position in shares of First BanCorp. during the 2nd quarter worth about $207,000. 97.91% of the stock is 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.