Wells Fargo & Company Issues Positive Forecast for First BanCorp. (NYSE:FBP) Stock Price

First BanCorp. (NYSE:FBP) had its target price increased by equities research analysts at Wells Fargo & Company from $26.00 to $28.00 in a note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 6.17% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Truist Financial boosted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Raymond James Financial raised their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. Piper Sandler lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Finally, Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $26.86.

First BanCorp. Stock Up 0.2%

Shares of NYSE:FBP opened at $26.37 on Monday. The company has a market capitalization of $4.08 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $24.63 and a two-hundred day moving average price of $22.73. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $26.94.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The company had revenue of $258.64 million for the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the previous year, the business posted $0.47 EPS. Analysts forecast that First BanCorp. will post 2.25 earnings per share for the current year.

Institutional Trading of First BanCorp.

A number of institutional investors have recently modified their holdings of FBP. Fifth Third Bancorp boosted its holdings in First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after buying an additional 560 shares during the period. EverSource Wealth Advisors LLC raised its holdings in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,129 shares during the period. First Horizon Corp purchased a new stake in shares of First BanCorp. during the fourth quarter worth $40,000. Jones Financial Companies Lllp lifted its position in shares of First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of First BanCorp. in the fourth quarter worth $64,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.