First BanCorp. (NYSE:FBP) Stock Gets Price Target Cut from Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price target trimmed by Wells Fargo & Company from $32.00 to $30.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other equities research analysts have also recently issued reports on the company. Truist Financial raised their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Raymond James Financial reiterated a “strong-buy” rating on shares of First BanCorp. in a research note on Tuesday, October 27th. Weiss Ratings reiterated a “buy (a-)” rating on shares of First BanCorp. in a research report on Thursday, August 27th. Finally, Zacks Research lowered First BanCorp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $26.23 on Monday. The company has a market cap of $3.92 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 1.17 and a beta of 0.85. First BanCorp. has a 12 month low of $19.28 and a 12 month high of $29.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50-day simple moving average of $27.05 and a 200-day simple moving average of $25.15.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The business had revenue of $260.12 million for the quarter, compared to the consensus estimate of $274.32 million. First BanCorp. had a net margin of 28.67% and a return on equity of 18.87%. On average, equities analysts anticipate that First BanCorp. will post 2.42 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 27th will be given a $0.25 dividend. This is an increase from First BanCorp.’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. First BanCorp.’s dividend payout ratio is 33.76%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, Director Roberto R. Herencia sold 26,350 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. The trade was a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total value of $281,900.00. Following the sale, the executive vice president owned 230,398 shares of the company’s stock, valued at $6,494,919.62. This represents a 4.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 46,350 shares of company stock worth $1,328,248 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of FBP. Hantz Financial Services Inc. increased its position in shares of First BanCorp. by 3.3% in the third quarter. Hantz Financial Services Inc. now owns 11,996 shares of the bank’s stock worth $316,000 after acquiring an additional 385 shares in the last quarter. Corient Private Wealth LP raised its position in First BanCorp. by 3.0% in the second quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock valued at $479,000 after purchasing an additional 536 shares during the period. Fifth Third Bancorp raised its position in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after purchasing an additional 560 shares during the period. Choreo LLC raised its position in First BanCorp. by 5.3% in the third quarter. Choreo LLC now owns 11,950 shares of the bank’s stock valued at $315,000 after purchasing an additional 603 shares during the period. Finally, Measured Wealth Private Client Group LLC lifted its stake in shares of First BanCorp. by 1.9% during the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock worth $769,000 after purchasing an additional 656 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Company Profile

First BanCorp. is a financial holding company and the parent of FirstBank Puerto Rico, which provides retail and commercial banking services. Its offerings include deposit accounts, consumer and business loans, mortgages, credit cards, and digital banking services. Founded in 1948, FirstBank serves customers in Puerto Rico and the U.S. Virgin Islands, with banking operations also in the British Virgin Islands. The company serves individuals, businesses, and public-sector clients through branch, online, and other banking channels.