Keefe, Bruyette & Woods Raises First BanCorp. (NYSE:FBP) Price Target to $31.00

First BanCorp. (NYSE:FBP) had its target price lifted by stock analysts at Keefe, Bruyette & Woods from $27.00 to $31.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 7.72% from the stock’s current price.

A number of other research analysts also recently issued reports on FBP. Truist Financial boosted their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Raymond James Financial increased their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Benchmark assumed coverage on shares of First BanCorp. in a research note on Wednesday, July 15th. They issued a “buy” rating and a $31.00 price target for the company. Piper Sandler increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company boosted their target price on First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $28.75.

First BanCorp. Trading Down 0.3%

NYSE FBP opened at $28.78 on Thursday. The firm has a market capitalization of $4.45 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.75 and a beta of 0.82. The business’s 50-day moving average price is $25.66 and its two-hundred day moving average price is $23.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.00.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. On average, analysts expect that First BanCorp. will post 2.36 EPS for the current year.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently modified their holdings of the company. Baron Wealth Management LLC boosted its position in First BanCorp. by 22.0% in the second quarter. Baron Wealth Management LLC now owns 18,551 shares of the bank’s stock worth $484,000 after purchasing an additional 3,344 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of First BanCorp. during the 1st quarter worth $3,078,000. Bank of America Corp DE raised its position in First BanCorp. by 22.1% in the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank’s stock worth $34,833,000 after acquiring an additional 294,888 shares during the period. Edgestream Partners L.P. grew its position in shares of First BanCorp. by 46.9% during the 1st quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank’s stock valued at $12,986,000 after acquiring an additional 193,981 shares during the period. Finally, Amundi increased its stake in shares of First BanCorp. by 64.8% during the 1st quarter. Amundi now owns 59,011 shares of the bank’s stock worth $1,261,000 after purchasing an additional 23,201 shares during the last quarter. 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.