First BanCorp. (NYSE:FBP) PT Raised to $22.00 at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its target price raised by analysts at Wells Fargo & Company from $20.00 to $22.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.17% from the company’s previous close.

FBP has been the topic of several other reports. Piper Sandler started coverage on First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Raymond James assumed coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Hovde Group boosted their target price on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.17.

First BanCorp. Stock Down 0.6 %

NYSE FBP opened at $19.97 on Tuesday. 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. has a 52 week low of $12.72 and a 52 week high of $22.12. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.45 and a beta of 1.10. The company has a fifty day moving average of $20.66 and a two-hundred day moving average of $18.81.

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

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the transaction, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in shares of First BanCorp. during the fourth quarter valued at about $36,000. SageView Advisory Group LLC purchased a new stake in First BanCorp. during the first quarter valued at approximately $110,000. Perkins Coie Trust Co purchased a new stake in First BanCorp. during the second quarter valued at approximately $146,000. Choreo LLC acquired a new stake in First BanCorp. in the second quarter valued at approximately $207,000. Finally, Bailard Inc. purchased a new position in First BanCorp. in the second quarter worth $216,000. 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.