First BanCorp. (NYSE:FBP) Rating Increased to Overweight at Wells Fargo & Company

First BanCorp. (NYSE:FBP) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $20.00 price target on the bank’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 17.89% from the company’s current price.

Separately, Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Trading Up 0.7 %

FBP opened at $16.97 on Wednesday. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 9.37, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. The company’s 50 day simple moving average is $19.20 and its two-hundred day simple moving average is $19.75. First BanCorp. has a 1-year low of $16.25 and a 1-year high of $22.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the prior year, the business earned $0.46 EPS. Analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Activity

In related news, EVP Carlos Power sold 45,797 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the sale, the executive vice president now directly owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FBP. Picton Mahoney Asset Management raised its stake in shares of First BanCorp. by 48.2% in the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. increased its holdings in First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in First BanCorp. by 17.3% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock valued at $68,000 after purchasing an additional 544 shares during the period. Quantinno Capital Management LP lifted its stake in First BanCorp. by 6.1% during the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank’s stock worth $235,000 after purchasing an additional 730 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in First BanCorp. by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank’s stock worth $315,000 after purchasing an additional 815 shares in 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.