First BanCorp. (NYSE:FBP) PT Raised to $19.00

First BanCorp. (NYSE:FBPGet Free Report) had its price target increased by Wells Fargo & Company from $18.00 to $19.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 3.20% from the company’s current price.

Several other brokerages have also issued reports on FBP. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Raymond James assumed coverage on First BanCorp. in a report on Tuesday. They issued an “outperform” rating and a $21.00 target price for the company.

Read Our Latest Analysis on First BanCorp.

First BanCorp. Trading Up 1.9 %

NYSE:FBP opened at $18.41 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 1-year low of $12.54 and a 1-year high of $18.63. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.46 and a beta of 1.12. The stock has a fifty day simple moving average of $17.82 and a 200 day simple moving average of $17.10.

First BanCorp. (NYSE:FBPGet Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The company had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter in the previous year, the business posted $0.39 EPS. Sell-side analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

Insider Transactions at First BanCorp.

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the sale, the chief financial officer now owns 277,020 shares in the company, valued at $4,964,198.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Large investors have recently modified their holdings of the business. Boston Partners grew its holdings in shares of First BanCorp. by 67.9% during the first quarter. Boston Partners now owns 87,587 shares of the bank’s stock worth $1,536,000 after buying an additional 35,424 shares in the last quarter. EMC Capital Management grew its holdings in shares of First BanCorp. by 129.4% during the first quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock worth $402,000 after buying an additional 12,920 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of First BanCorp. by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 478,005 shares of the bank’s stock worth $8,385,000 after buying an additional 10,599 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of First BanCorp. by 0.5% during the first quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after buying an additional 815 shares in the last quarter. Finally, Seven Eight Capital LP bought a new position in shares of First BanCorp. during the first quarter worth about $297,000. 97.91% of the stock is currently owned by institutional investors.

About First BanCorp.

(Get Free Report)

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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