Wells Fargo & Company Issues Positive Forecast for First BanCorp. (NYSE:FBP) Stock Price

First BanCorp. (NYSE:FBP) had its target price boosted by Wells Fargo & Company from $20.00 to $22.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

A number of other analysts have also issued reports on FBP. Hovde Group cut their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Piper Sandler lowered their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.80.

First BanCorp. Stock Performance

First BanCorp. stock opened at $20.55 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. First BanCorp. has a twelve month low of $15.15 and a twelve month high of $22.40. The company’s 50-day moving average price is $20.56 and its 200-day moving average price is $19.82. The company has a market cap of $3.37 billion, a PE ratio of 11.35, a price-to-earnings-growth ratio of 1.87 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. First BanCorp.’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 earnings per share. On average, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Insiders Place Their Bets

In other news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in First BanCorp. by 131.4% during the 2nd quarter. SG Americas Securities LLC now owns 60,595 shares of the bank’s stock valued at $1,108,000 after purchasing an additional 34,413 shares during the last quarter. Perkins Coie Trust Co acquired a new position in First BanCorp. in the 2nd quarter worth approximately $146,000. Diversified Trust Co raised its position in First BanCorp. by 5.5% during the 2nd quarter. Diversified Trust Co now owns 28,988 shares of the bank’s stock worth $530,000 after buying an additional 1,509 shares during the last quarter. FCG Investment Co lifted its stake in 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 acquiring an additional 1,375 shares during the period. Finally, AlphaMark Advisors LLC purchased a new stake in shares of First BanCorp. in the 2nd quarter valued at $317,000. 97.91% of the stock is 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.