First BanCorp. (NYSE:FBP) Price Target Raised to $28.00

First BanCorp. (NYSE:FBP) had its price objective boosted by analysts at Wells Fargo & Company from $26.00 to $28.00 in a note issued to investors on Monday, MarketBeat reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.17% from the company’s current price.

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

First BanCorp. Stock Performance

NYSE FBP opened at $26.37 on Monday. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $26.94. The company has a fifty day moving average of $24.63 and a 200-day moving average of $22.73. The company has a market capitalization of $4.08 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80.

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

Institutional Investors Weigh In On First BanCorp.

Institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp grew its position in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after acquiring an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the last quarter. First Horizon Corp bought a new stake in First BanCorp. in the fourth quarter valued at approximately $40,000. Jones Financial Companies Lllp boosted its stake in shares of First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares during the period. Finally, State of Wyoming purchased a new stake in shares of First BanCorp. during the fourth quarter valued at approximately $64,000. 97.91% of the stock is currently owned by hedge funds and other 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.