First BanCorp. (NYSE:FBP) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective lowered by analysts at Wells Fargo & Company from $22.00 to $20.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.35% from the company’s current price.

A number of other research firms also recently issued reports on FBP. Hovde Group cut their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Piper Sandler dropped their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average price target of $22.20.

First BanCorp. Stock Up 0.1 %

Shares of FBP traded up $0.02 during trading hours on Monday, reaching $18.63. The stock had a trading volume of 67,788 shares, compared to its average volume of 466,565. The firm has a 50-day simple moving average of $20.02 and a 200 day simple moving average of $20.08. First BanCorp. has a 12 month low of $15.15 and a 12 month high of $22.40. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.82 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The firm had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.46 earnings per share. Equities research analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently added to or reduced their stakes in FBP. State Street Corp boosted its position in First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the period. LSV Asset Management boosted its holdings in First BanCorp. by 22.9% in the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after buying an additional 301,443 shares during the period. Barclays PLC boosted its holdings in First BanCorp. by 106.1% in the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after buying an additional 189,148 shares during the period. Public Employees Retirement System of Ohio purchased a new position in First BanCorp. in the 3rd quarter valued at approximately $2,607,000. Finally, Geode Capital Management LLC raised its holdings in First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after acquiring an additional 112,432 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About First BanCorp.

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.