First BanCorp. (NYSE:FBP) Price Target Lowered to $24.00 at Hovde Group

First BanCorp. (NYSE:FBP) had its price target reduced by Hovde Group from $25.00 to $24.00 in a research note released on Friday, Marketbeat.com reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other brokerages also recently commented on FBP. Raymond James assumed coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective on the stock. Piper Sandler lowered their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company reduced their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Stock Down 2.3 %

Shares of NYSE FBP traded down $0.44 on Friday, reaching $18.88. 1,399,847 shares of the company’s stock traded hands, compared to its average volume of 1,037,542. The business’s 50 day simple moving average is $20.60 and its two-hundred day simple moving average is $19.19. First BanCorp. has a 12 month low of $12.95 and a 12 month high of $22.12. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same quarter last year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. This trade represents a 0.00 % decrease in their ownership of the stock. 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. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Diversified Trust Co lifted its position in shares of First BanCorp. by 136.1% during the 1st quarter. Diversified Trust Co now owns 27,479 shares of the bank’s stock valued at $482,000 after buying an additional 15,839 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position 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 worth $1,686,000 after purchasing an additional 67,844 shares during the period. Measured Wealth Private Client Group LLC increased its stake in shares of First BanCorp. by 8.2% in the first quarter. Measured Wealth Private Client Group LLC now owns 29,491 shares of the bank’s stock worth $517,000 after purchasing an additional 2,240 shares in the last quarter. FCG Investment Co raised its position in shares of First BanCorp. by 91.9% during the 1st quarter. FCG Investment Co now owns 28,736 shares of the bank’s stock valued at $504,000 after purchasing an additional 13,765 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of First BanCorp. by 32.1% during the 1st quarter. BNP Paribas Financial Markets now owns 83,693 shares of the bank’s stock valued at $1,468,000 after buying an additional 20,338 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.