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

by · The Markets Daily

First BanCorp. (NYSE:FBP – Free Report) had its price objective boosted by Hovde Group from $25.00 to $26.00 in a report released on Wednesday, MarketBeat.com reports. They currently have an outperform rating on the bank’s stock.

Several other analysts have also issued reports on the stock. Truist Financial decreased their price target on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 target price (down from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Wells Fargo & Company lowered their price target on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. UBS Group set a $25.00 price objective on First BanCorp. in a research report on Thursday, October 9th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and a consensus price target of $24.58.

View Our Latest Analysis on FBP

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $22.14 on Wednesday. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.60. The company has a market cap of $3.50 billion, a P/E ratio of 10.30, a P/E/G ratio of 1.22 and a beta of 0.88. The business’s 50 day moving average is $21.00 and its two-hundred day moving average is $21.11. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP – Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same period in the prior year, the business earned $0.46 earnings per share. On average, equities analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a dividend of $0.20 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, February 26th. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. First BanCorp.’s dividend payout ratio is 33.49%.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the company’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This represents a 35.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in First BanCorp. in the second quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its stake in shares of First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the last quarter. First Horizon Corp acquired a new stake in shares of First BanCorp. during the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. raised its stake in shares of First BanCorp. by 1,695.8% during the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after buying an additional 2,035 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after buying an additional 2,262 shares during the period. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

(Get Free Report)

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.

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