First BanCorp. (NYSE:FBP) Price Target Raised to $25.00

First BanCorp. (NYSE:FBP) had its price target upped by Truist Financial from $24.00 to $25.00 in a research note released on Thursday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the bank’s stock.

Other analysts have also recently issued research reports about the stock. Hovde Group boosted 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. Piper Sandler began coverage on shares of First BanCorp. in a research report on Thursday, January 15th. They set a “neutral” rating and a $23.00 price target for the company. Wells Fargo & Company dropped 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. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a report on Wednesday. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.58.

First BanCorp. Stock Performance

First BanCorp. stock opened at $22.14 on Thursday. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60. The stock’s 50 day simple moving average is $21.00 and its two-hundred day simple moving average is $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. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.22 and a beta of 0.88.

First BanCorp. (NYSE:FBP) last released its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The company 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 quarter last year, the business posted $0.46 EPS. As a group, analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed 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 represents a $0.80 annualized dividend and a dividend yield of 3.6%. 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. First BanCorp.’s payout ratio is 33.49%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the transaction, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Trading of First BanCorp.

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in First BanCorp. in the second quarter worth approximately $41,404,000. Boston Partners grew its holdings in shares of First BanCorp. by 767.8% in the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after acquiring an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd grew 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 worth $29,878,000 after acquiring an additional 649,987 shares during the period. American Century Companies Inc. increased its position in First BanCorp. by 8.9% during the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after acquiring an additional 616,170 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after acquiring an additional 548,164 shares during the period. 97.91% of the stock is currently owned by institutional investors.

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.