Wells Fargo & Company Increases First BanCorp. (NYSE:FBP) Price Target to $24.00

First BanCorp. (NYSE:FBP) had its price objective increased by equities research analysts at Wells Fargo & Company from $23.00 to $24.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 12.32% from the stock’s current price.

Several other research firms also recently issued reports on FBP. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Piper Sandler reissued a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Hovde Group raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Finally, Truist Financial upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.75.

First BanCorp. Stock Performance

FBP opened at $21.37 on Monday. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $23.43. The stock has a market cap of $3.33 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.30 and a beta of 0.87. The stock’s 50 day simple moving average is $21.63 and its 200 day simple moving average is $21.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick 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, topping the consensus estimate of $0.52 by $0.03. The firm had revenue of $257.17 million during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.46 earnings per share. As a group, equities analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Transactions at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director owned 637,019 shares in the company, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently modified their holdings of FBP. EverSource Wealth Advisors LLC grew its stake in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after acquiring an additional 1,129 shares during the period. First Horizon Corp acquired a new position in First BanCorp. in the 4th quarter valued at $40,000. Hantz Financial Services Inc. lifted its stake in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. Finally, Covestor Ltd boosted its holdings in shares of First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock worth $67,000 after purchasing an additional 1,104 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About First BanCorp.

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.