Keefe, Bruyette & Woods Increases First BanCorp. (NYSE:FBP) Price Target to $21.00

First BanCorp. (NYSE:FBP) had its price objective boosted by analysts at Keefe, Bruyette & Woods from $19.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 21.81% from the company’s previous close.

Separately, Wells Fargo & Company lifted their price objective on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th.

First BanCorp. Stock Down 1.9 %

Shares of NYSE FBP opened at $17.24 on Thursday. The business has a fifty day moving average of $16.95 and a two-hundred day moving average of $15.97. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a 52-week low of $10.18 and a 52-week high of $17.74. The stock has a market cap of $2.92 billion, a PE ratio of 9.85, a PEG ratio of 1.58 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same quarter last year, the business posted $0.39 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 1.69 earnings per share for the current fiscal year.

Insider Activity

In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now directly owns 50,055 shares in the company, valued at approximately $824,405.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Crespo Luz sold 10,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now directly owns 50,055 shares in the company, valued at approximately $824,405.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 57,600 shares of First BanCorp. stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,600 shares of company stock valued at $2,278,784. Company insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

A number of hedge funds have recently modified their holdings of FBP. Xponance Inc. increased its stake in First BanCorp. by 29.7% in the third quarter. Xponance Inc. now owns 18,548 shares of the bank’s stock valued at $250,000 after purchasing an additional 4,247 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First BanCorp. by 15.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,709 shares of the bank’s stock worth $494,000 after purchasing an additional 4,839 shares during the last quarter. Advisor Partners II LLC increased its stake in First BanCorp. by 4.8% in the 3rd quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock valued at $229,000 after buying an additional 780 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of First BanCorp. by 7.2% in the 3rd quarter. TD Asset Management Inc now owns 113,100 shares of the bank’s stock valued at $1,522,000 after acquiring an additional 7,600 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in First BanCorp. during the third quarter valued at approximately $829,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.