Brokerages Set First BanCorp. (NYSE:FBP) Price Target at $20.83

Shares of First BanCorp. (NYSE:FBP) have been given an average rating of “Moderate Buy” by the five research firms that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $20.83.

A number of research firms recently issued reports on FBP. Hovde Group raised their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Raymond James began coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Piper Sandler started coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price objective on the stock. Finally, Wells Fargo & Company raised their target price on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th.

Insider Activity

In related news, COO Donald Kafka sold 50,000 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Michael Mcdonald sold 7,612 shares of First BanCorp. stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the sale, the executive vice president now owns 89,420 shares of the company’s stock, valued at $1,935,943. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,508 shares of company stock worth $1,748,251. 2.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. O Shaughnessy Asset Management LLC lifted its position in First BanCorp. by 69.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 31,692 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of First BanCorp. by 239.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock worth $1,686,000 after acquiring an additional 67,844 shares during the last quarter. Goldman Sachs Group Inc. grew its position in First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after acquiring an additional 110,797 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in First BanCorp. by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after acquiring an additional 661 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 0.9 %

NYSE:FBP opened at $21.38 on Monday. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The firm has a 50-day moving average price of $19.96 and a two-hundred day moving average price of $18.22. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. During the same quarter in the prior year, the company earned $0.37 EPS. On average, equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.99%. First BanCorp.’s dividend payout ratio is currently 36.57%.

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.