First BanCorp. (NYSE:FBP) Price Target Raised to $24.00

First BanCorp. (NYSE:FBP) had its price target boosted by Wells Fargo & Company from $23.00 to $24.00 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

A number of other analysts have also recently weighed in on FBP. Piper Sandler reiterated a “neutral” rating and set a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Hovde Group increased their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Finally, Truist Financial raised their target price on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.75.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $21.61 on Monday. The company has a market cap of $3.36 billion, a PE ratio of 10.05, a P/E/G ratio of 1.33 and a beta of 0.83. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $23.43. The firm has a 50-day simple moving average of $21.62 and a 200 day simple moving average of $21.14. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The firm had revenue of $257.17 million for the quarter, compared to analysts’ expectations of $256.18 million. During the same quarter last year, the company posted $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, February 26th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, February 26th. First BanCorp.’s dividend payout ratio is presently 37.21%.

Insider Activity at First BanCorp.

In related news, EVP Michael Mcdonald sold 34,122 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the sale, the director directly owned 637,019 shares in the company, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. lifted its holdings in First BanCorp. by 14.4% in the third quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock worth $20,084,000 after purchasing an additional 114,931 shares during the period. Citigroup Inc. increased its stake in First BanCorp. by 48.3% during the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after buying an additional 131,293 shares during the period. Bayforest Capital Ltd raised its position in shares of First BanCorp. by 191.9% during the 3rd quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock worth $898,000 after buying an additional 26,772 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of First BanCorp. by 11.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock worth $15,387,000 after buying an additional 73,168 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of First BanCorp. by 15.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,407,825 shares of the bank’s stock worth $31,043,000 after acquiring an additional 184,769 shares during the period. Institutional investors 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.