First BanCorp. (NYSE:FBP) PT Lowered to $20.00 at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective decreased by Wells Fargo & Company from $22.00 to $20.00 in a report published on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Several other analysts also recently issued reports on FBP. Raymond James started coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target for the company. Piper Sandler assumed coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Finally, Hovde Group raised their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.40.

First BanCorp. Price Performance

NYSE:FBP opened at $18.88 on Thursday. The company has a market cap of $3.09 billion, a P/E ratio of 10.37, a P/E/G ratio of 1.74 and a beta of 1.10. The firm’s fifty day moving average price is $20.60 and its two-hundred day moving average price is $19.20. First BanCorp. has a one year low of $12.95 and a one year high of $22.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76.

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

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction that occurred on 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 approximately $1,881,608.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Carlos Power sold 22,896 shares of First BanCorp. 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 directly owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,452 shares of company stock worth $699,566 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FBP. Vest Financial LLC grew its position in First BanCorp. by 14.9% during the 3rd quarter. Vest Financial LLC now owns 72,125 shares of the bank’s stock worth $1,527,000 after acquiring an additional 9,353 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. acquired a new stake in shares of First BanCorp. during the third quarter valued at about $529,000. Blue Trust Inc. grew its holdings in shares of First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the last quarter. USA Financial Formulas increased its stake in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after buying an additional 2,234 shares during the period. Finally, CWM LLC boosted its position in First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after buying an additional 1,952 shares during the period. 97.91% of the stock is currently 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.