First BanCorp. (NYSE:FBP) Price Target Raised to $26.00

First BanCorp. (NYSE:FBP) had its price target upped by Keefe, Bruyette & Woods from $25.00 to $26.00 in a report published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

Several other research firms have also weighed in on FBP. Piper Sandler cut their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Wells Fargo & Company dropped their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Trading Down 0.8 %

NYSE FBP opened at $20.57 on Friday. First BanCorp. has a 12 month low of $15.95 and a 12 month high of $22.40. The stock has a 50-day simple moving average of $19.67 and a 200 day simple moving average of $20.23. 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 capitalization of $3.37 billion, a PE ratio of 11.36, a P/E/G ratio of 1.71 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. During the same period in the previous year, the firm posted $0.46 earnings per share. Research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 3.50%. First BanCorp.’s dividend payout ratio is presently 35.36%.

Insider Buying and Selling at First BanCorp.

In other 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 value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. EMC Capital Management grew its holdings in shares of First BanCorp. by 129.9% in the 4th quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock valued at $426,000 after acquiring an additional 12,943 shares in the last quarter. R Squared Ltd bought a new position in First BanCorp. in the fourth quarter valued at approximately $28,000. KBC Group NV raised its stake in shares of First BanCorp. by 61.7% during the 4th quarter. KBC Group NV now owns 8,464 shares of the bank’s stock worth $157,000 after purchasing an additional 3,230 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after buying an additional 542 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of First BanCorp. by 21.0% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 16,338 shares of the bank’s stock valued at $304,000 after buying an additional 2,837 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.