First BanCorp. (NYSE:FBP) Price Target Cut to $21.00 by Analysts at Piper Sandler

First BanCorp. (NYSE:FBP) had its target price dropped by Piper Sandler from $22.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 11.26% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Raymond James assumed coverage on First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Wells Fargo & Company dropped their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Hovde Group lifted their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

First BanCorp. Trading Down 2.3 %

Shares of FBP stock opened at $18.88 on Thursday. The stock has a 50-day simple moving average of $20.60 and a 200 day simple moving average of $19.19. First BanCorp. has a fifty-two week low of $12.95 and a fifty-two week high of $22.12. The stock has a market capitalization of $3.14 billion, a P/E ratio of 10.79, a P/E/G ratio of 1.72 and a beta of 1.10. 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 announced its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, sell-side analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,452 shares of company stock valued at $699,566. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of the business. 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 valued at $3,101,000 after acquiring an additional 815 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of First BanCorp. by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock valued at $1,059,000 after buying an additional 856 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of First BanCorp. by 8.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after buying an additional 971 shares during the last quarter. FCG Investment Co lifted its holdings in shares of First BanCorp. by 4.8% during the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock valued at $551,000 after buying an additional 1,375 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of First BanCorp. by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock valued at $591,000 after buying an additional 1,396 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About First BanCorp.

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.