First BanCorp. (NYSE:FBP) Price Target Raised to $28.00 at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price target hoisted by Wells Fargo & Company from $26.00 to $28.00 in a research report released on Monday, MarketBeat reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

A number of other equities analysts have also recently issued reports on FBP. Piper Sandler increased their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Truist Financial increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Raymond James Financial lifted their price objective on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, First BanCorp. presently has an average rating of “Buy” and an average price target of $26.86.

First BanCorp. Stock Performance

NYSE FBP opened at $26.50 on Monday. First BanCorp. has a twelve month low of $19.16 and a twelve month high of $26.94. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a market cap of $4.10 billion, a P/E ratio of 11.80, a PEG ratio of 1.58 and a beta of 0.82. The company’s 50-day simple moving average is $24.67 and its 200 day simple moving average is $22.76.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same quarter last year, the company earned $0.47 earnings per share. As a group, research analysts forecast that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 28th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.0%. First BanCorp.’s dividend payout ratio is 35.56%.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of First BanCorp. in the fourth quarter worth about $42,138,000. Boston Partners grew its stake in shares of First BanCorp. by 767.8% during the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after purchasing an additional 1,116,791 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of First BanCorp. by 48.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock valued at $56,854,000 after purchasing an additional 871,860 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of First BanCorp. by 82.9% in the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after purchasing an additional 649,987 shares in the last quarter. Finally, Verition Fund Management LLC raised its position in First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after purchasing an additional 548,164 shares during the last quarter. Institutional investors and hedge funds 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.