First BanCorp. (NYSE:FBP) Price Target Raised to $26.00 at Keefe, Bruyette & Woods

First BanCorp. (NYSE:FBP) had its price objective raised by Keefe, Bruyette & Woods from $25.00 to $26.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

Other equities research analysts have also issued reports about the company. Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Piper Sandler cut their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Wells Fargo & Company cut their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.57 on Friday. The business’s 50 day simple moving average is $19.67 and its 200 day simple moving average is $20.20. First BanCorp. has a one year low of $15.95 and a one year high of $22.40. The stock has a market capitalization of $3.37 billion, a PE ratio of 11.36, a PEG ratio of 1.71 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. During the same period in the previous year, the company posted $0.46 EPS. As a group, research analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.50%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 9.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after purchasing an additional 347,271 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in First BanCorp. in the fourth quarter worth $4,792,000. Barclays PLC boosted its holdings in First BanCorp. by 106.1% in the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after acquiring an additional 189,148 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in First BanCorp. in the third quarter worth $2,607,000. Finally, Geode Capital Management LLC boosted its holdings in First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after acquiring an additional 112,432 shares in the last quarter. 97.91% of the stock is 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.