First BanCorp. (NYSE:FBP) PT Lowered to $20.00

First BanCorp. (NYSE:FBP) had its price objective dropped by Wells Fargo & Company from $22.00 to $20.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 5.96% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Piper Sandler began coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price for the company. Hovde Group boosted their target price on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Raymond James assumed coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Stock Down 2.3 %

Shares of FBP stock opened at $18.88 on Thursday. The stock has a 50 day moving average of $20.60 and a 200 day moving average of $19.19. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market cap 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. First BanCorp. has a twelve month low of $12.95 and a twelve month high of $22.12.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same period in the previous year, the business posted $0.46 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that First BanCorp. will post 1.76 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of the business. O Shaughnessy Asset Management LLC grew its holdings in shares of First BanCorp. by 69.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 31,692 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of First BanCorp. by 239.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after purchasing an additional 67,844 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of First BanCorp. in the first quarter valued at about $16,719,000. LSV Asset Management grew its holdings in shares of First BanCorp. by 18.7% in the first quarter. LSV Asset Management now owns 1,318,399 shares of the bank’s stock valued at $23,125,000 after purchasing an additional 207,510 shares during the period. Finally, Texas Permanent School Fund Corp grew its holdings in shares of First BanCorp. by 41.9% in the second quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank’s stock valued at $3,824,000 after purchasing an additional 61,701 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.