First BanCorp. (NYSE:FBP) Price Target Raised to $21.00

First BanCorp. (NYSE:FBP) had its price objective raised by Keefe, Bruyette & Woods from $19.00 to $21.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company upped their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th.

First BanCorp. Stock Down 1.9 %

FBP stock opened at $17.24 on Thursday. The company has a fifty day moving average price of $16.95 and a 200 day moving average price of $15.98. First BanCorp. has a 12 month low of $10.18 and a 12 month high of $17.74. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 9.85, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same quarter in the prior year, the firm earned $0.39 EPS. Sell-side analysts expect that First BanCorp. will post 1.69 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be issued a $0.16 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.71%. First BanCorp.’s dividend payout ratio is presently 36.57%.

Insider Activity

In related news, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at approximately $1,708,007.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total value of $256,800.00. Following the sale, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at approximately $4,227,441.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the completion of the sale, the executive vice president now directly owns 98,501 shares in the company, valued at $1,708,007.34. The disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock worth $2,278,784 in the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of First BanCorp. by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock worth $28,053,000 after purchasing an additional 52,384 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of First BanCorp. by 32.0% during the 3rd quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock worth $13,918,000 after acquiring an additional 250,577 shares during the period. FMR LLC lifted its holdings in shares of First BanCorp. by 4.3% during the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock worth $165,408,000 after acquiring an additional 505,003 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of First BanCorp. by 57.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 100,719 shares of the bank’s stock worth $1,356,000 after acquiring an additional 36,882 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of First BanCorp. by 14.4% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 208,646 shares of the bank’s stock worth $2,808,000 after acquiring an additional 26,192 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Company Profile

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.