First BanCorp. (NYSE:FBP) Price Target Raised to $22.00

First BanCorp. (NYSE:FBP) had its price target upped by investment analysts at Wells Fargo & Company from $20.00 to $22.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 12.69% from the company’s current price.

Separately, Keefe, Bruyette & Woods lifted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

First BanCorp. Trading Up 1.4 %

NYSE FBP traded up $0.26 on Monday, reaching $19.52. The company had a trading volume of 93,369 shares, compared to its average volume of 1,249,526. The business has a 50 day moving average of $18.57 and a two-hundred day moving average of $19.55. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.40. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 1.34 and a beta of 0.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, beating the consensus estimate of $0.43 by $0.04. The business had revenue of $248.13 million for the quarter, compared to analysts’ expectations of $243.08 million. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. Analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of First BanCorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. Barclays PLC grew its position in shares of First BanCorp. by 106.1% during the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank’s stock valued at $7,779,000 after acquiring an additional 189,148 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in First BanCorp. during the third quarter valued at $66,000. Diversified Trust Co grew its holdings in First BanCorp. by 12.1% during the fourth quarter. Diversified Trust Co now owns 32,474 shares of the bank’s stock valued at $604,000 after purchasing an additional 3,507 shares during the period. Range Financial Group LLC purchased a new stake in First BanCorp. in the fourth quarter worth about $1,614,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of First BanCorp. in the fourth quarter worth about $4,792,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.