First BanCorp. (NYSE:FBP) Upgraded to “Hold” at Piper Sandler

First BanCorp. (NYSE:FBP) was upgraded by analysts at Piper Sandler to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company decreased their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price target (down previously from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. UBS Group set a $25.00 price objective on shares of First BanCorp. in a research note on Thursday, October 9th. Finally, Truist Financial lowered their price target on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $23.80.

First BanCorp. Stock Up 2.0%

Shares of First BanCorp. stock opened at $21.44 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60. The company has a market cap of $3.39 billion, a P/E ratio of 10.41, a PEG ratio of 1.17 and a beta of 0.88. The company’s fifty day simple moving average is $20.67 and its two-hundred day simple moving average is $21.12.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $248.71 million for the quarter, compared to analysts’ expectations of $256.25 million. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. During the same quarter in the previous year, the company earned $0.45 earnings per share. Research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FBP. Choreo LLC boosted its stake in shares of First BanCorp. by 4.7% in the second quarter. Choreo LLC now owns 11,061 shares of the bank’s stock worth $230,000 after buying an additional 499 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of First BanCorp. by 4.1% in the third quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank’s stock valued at $287,000 after buying an additional 508 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in First BanCorp. by 5.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock worth $234,000 after acquiring an additional 526 shares in the last quarter. California State Teachers Retirement System lifted its holdings in First BanCorp. by 0.4% during the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock valued at $3,151,000 after purchasing an additional 529 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of First BanCorp. by 4.1% during the third quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank’s stock worth $313,000 after purchasing an additional 557 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.