First BanCorp. (NYSE:FBP) PT Raised to $21.00

First BanCorp. (NYSE:FBP) had its price objective raised by equities researchers at Keefe, Bruyette & Woods from $19.00 to $21.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 20.34% from the stock’s current price.

Separately, Wells Fargo & Company raised their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th.

First BanCorp. Price Performance

Shares of FBP stock traded down $0.25 on Thursday, reaching $17.45. 114,925 shares of the company were exchanged, compared to its average volume of 1,113,733. First BanCorp. has a 1 year low of $10.18 and a 1 year high of $17.74. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 1.55 and a beta of 1.16. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. The business has a 50-day moving average price of $16.93 and a 200 day moving average price of $15.93.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The company had revenue of $302.49 million during the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter in the prior year, the company earned $0.39 EPS. Equities research analysts forecast that First BanCorp. will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the sale, the executive vice president now owns 246,930 shares in the company, valued at approximately $4,227,441.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now owns 98,501 shares of the company’s stock, valued at approximately $1,708,007.34. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the transaction, the executive vice president now directly owns 246,930 shares in the company, valued at approximately $4,227,441.60. The disclosure for this sale can be found here. Insiders have sold a total of 132,600 shares of company stock worth $2,278,784 in the last quarter. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in First BanCorp. in the fourth quarter valued at about $32,590,000. Wellington Management Group LLP increased its stake in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of First BanCorp. by 140.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank’s stock valued at $12,246,000 after purchasing an additional 531,654 shares during the last quarter. FMR LLC boosted its position in First BanCorp. by 4.3% during the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock valued at $165,408,000 after purchasing an additional 505,003 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of First BanCorp. by 32.0% during the third quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock valued at $13,918,000 after buying an additional 250,577 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.