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

First BanCorp. (NYSE:FBP) had its target price trimmed by Wells Fargo & Company from $22.00 to $20.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

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

First BanCorp. Trading Down 0.8 %

FBP opened at $18.47 on Monday. First BanCorp. has a fifty-two week low of $15.15 and a fifty-two week high of $22.40. The firm has a market capitalization of $3.03 billion, a PE ratio of 10.20, a P/E/G ratio of 1.82 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $20.00 and its 200 day moving average is $20.11.

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

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Friday, November 29th. First BanCorp.’s dividend payout ratio is 35.36%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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. Gladius Capital Management LP bought a new position in First BanCorp. during the third quarter worth about $25,000. Blue Trust Inc. boosted its holdings in First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the period. CWM LLC grew its stake in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in First BanCorp. in the 3rd quarter valued at approximately $66,000. Finally, USA Financial Formulas raised its holdings in First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after acquiring an additional 2,234 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.