First BanCorp. (NYSE:FBP) Price Target Cut to $30.00 by Analysts at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price target decreased by Wells Fargo & Company from $32.00 to $30.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 14.89% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th. Zacks Research downgraded shares of First BanCorp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Raymond James Financial reissued a “strong-buy” rating on shares of First BanCorp. in a research report on Tuesday, October 27th. Finally, Benchmark upped their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.57.

First BanCorp. Price Performance

FBP stock opened at $26.11 on Monday. The stock’s 50 day moving average is $27.16 and its two-hundred day moving average is $25.07. First BanCorp. has a 52-week low of $19.28 and a 52-week high of $29.88. The company has a market capitalization of $3.99 billion, a PE ratio of 11.05, a P/E/G ratio of 1.16 and a beta of 0.85. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.11.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, October 22nd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. First BanCorp. had a return on equity of 18.87% and a net margin of 28.67%. The company had revenue of $260.12 million during the quarter, compared to analysts’ expectations of $274.32 million. Analysts predict that First BanCorp. will post 2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the transaction, the executive vice president directly owned 230,398 shares in the company, valued at $6,494,919.62. This trade represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roberto R. Herencia sold 26,350 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total value of $750,448.00. Following the transaction, the director owned 610,669 shares in the company, valued at $17,391,853.12. This trade represents a 4.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 46,350 shares of company stock valued at $1,328,248 over the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Trading of First BanCorp.

Institutional investors have recently added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. bought a new position in First BanCorp. during the 3rd quarter worth $26,000. Fifth Third Bancorp increased its position in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after buying an additional 560 shares during the period. Reyes Financial Architecture Inc. bought a new stake in First BanCorp. in the third quarter valued at $32,000. Farther Finance Advisors LLC lifted its stake in First BanCorp. by 161.7% in the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the bank’s stock valued at $54,000 after buying an additional 1,261 shares during the last quarter. Finally, Addison Advisors LLC bought a new stake in First BanCorp. in the third quarter valued at $58,000. Institutional investors own 97.91% of the company’s stock.

About First BanCorp.