First BanCorp. (NYSE:FBP) Given New $22.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its target price upped by Wells Fargo & Company from $20.00 to $22.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

A number of other equities research analysts have also weighed in on the company. Piper Sandler started coverage on First BanCorp. in a research report on Monday, August 26th. They issued a neutral rating and a $22.00 price objective on the stock. Hovde Group lifted their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the company an outperform rating in a report on Wednesday, July 24th. Finally, Raymond James initiated coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an outperform rating and a $21.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $21.17.

First BanCorp. Trading Up 0.3 %

NYSE:FBP opened at $20.02 on Tuesday. The firm has a market capitalization of $3.33 billion, a P/E ratio of 11.44, a P/E/G ratio of 1.45 and a beta of 1.10. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $20.59 and a 200 day moving average of $18.82. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period in the prior year, the firm posted $0.37 earnings per share. On average, research analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a $0.16 dividend. The ex-dividend date was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.20%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock valued at $1,790,066 in the last three months. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds have recently bought and sold shares of FBP. TD Asset Management Inc increased its stake in First BanCorp. by 7.0% during the 4th quarter. TD Asset Management Inc now owns 121,000 shares of the bank’s stock valued at $1,990,000 after purchasing an additional 7,900 shares in the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in shares of First BanCorp. by 417.5% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 52,997 shares of the bank’s stock valued at $872,000 after buying an additional 42,757 shares during the last quarter. Rafferty Asset Management LLC increased its position in shares of First BanCorp. by 47.1% during the fourth quarter. Rafferty Asset Management LLC now owns 262,942 shares of the bank’s stock valued at $4,325,000 after acquiring an additional 84,247 shares in the last quarter. First Trust Advisors LP increased its position in shares of First BanCorp. by 5.6% during the fourth quarter. First Trust Advisors LP now owns 1,681,979 shares of the bank’s stock valued at $27,669,000 after acquiring an additional 89,837 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after acquiring an additional 116,642 shares during the last quarter. 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.