Wells Fargo & Company Increases First BanCorp. (NYSE:FBP) Price Target to $22.00

First BanCorp. (NYSE:FBP) had its price objective lifted by Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Monday, MarketBeat.com reports. They currently have an overweight rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, First BanCorp. currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

First BanCorp. Price Performance

FBP stock opened at $19.62 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The company has a market capitalization of $3.20 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. The business has a 50-day simple moving average of $18.56 and a two-hundred day simple moving average of $19.54. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. The firm had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. Research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Thursday, May 29th. First BanCorp.’s payout ratio is currently 39.13%.

Insider Activity

In related news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now owns 176,222 shares in the company, valued at $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management lifted its position in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. lifted its holdings in shares of First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of First BanCorp. by 17.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock valued at $68,000 after purchasing an additional 544 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of First BanCorp. by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank’s stock worth $815,000 after purchasing an additional 693 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of First BanCorp. by 103.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock worth $27,000 after buying an additional 703 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

About First BanCorp.

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.