First BanCorp. (NYSE:FBP) Price Target Raised to $24.50

First BanCorp. (NYSE:FBP) had its target price lifted by Keefe, Bruyette & Woods from $24.00 to $24.50 in a research report released on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other equities research analysts have also recently issued reports on the stock. UBS Group set a $25.00 price target on shares of First BanCorp. in a research note on Thursday, October 9th. Wells Fargo & Company reduced their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Truist Financial lowered their target price on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Hovde Group boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.58.

First BanCorp. Stock Performance

First BanCorp. stock opened at $22.14 on Wednesday. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.22 and a beta of 0.88. The stock has a fifty day moving average of $21.00 and a two-hundred day moving average of $21.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same period in the prior year, the business earned $0.46 earnings per share. On average, analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a dividend of $0.20 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. First BanCorp.’s dividend payout ratio is currently 33.49%.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds have recently made changes to their positions in FBP. Choreo LLC boosted its position in First BanCorp. by 4.7% during the 2nd quarter. Choreo LLC now owns 11,061 shares of the bank’s stock worth $230,000 after purchasing an additional 499 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of First BanCorp. by 4.1% during the third quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank’s stock worth $287,000 after purchasing an additional 508 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in First BanCorp. by 5.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock worth $234,000 after acquiring an additional 526 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of First BanCorp. by 0.4% during the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock worth $3,151,000 after purchasing an additional 529 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in First BanCorp. by 4.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank’s stock worth $313,000 after buying an additional 557 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.