First BanCorp. (NYSE:FBP) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its target price lowered by Wells Fargo & Company from $22.00 to $20.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other equities analysts have also recently issued reports on FBP. Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Hovde Group reduced their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $22.20.

First BanCorp. Trading Up 1.6 %

Shares of NYSE FBP opened at $18.70 on Monday. First BanCorp. has a 1-year low of $15.15 and a 1-year high of $22.40. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average of $19.98 and a two-hundred day moving average of $20.11. The company has a market cap of $3.06 billion, a PE ratio of 10.33, a P/E/G ratio of 1.79 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. First BanCorp.’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. As a group, equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.42%. The ex-dividend date was Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Insider Activity

In other news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Natixis Advisors LLC lifted its holdings in shares of First BanCorp. by 4.7% during the 2nd quarter. Natixis Advisors LLC now owns 48,460 shares of the bank’s stock valued at $886,000 after purchasing an additional 2,166 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of First BanCorp. by 5.3% in the second quarter. Los Angeles Capital Management LLC now owns 56,040 shares of the bank’s stock valued at $1,025,000 after buying an additional 2,814 shares during the period. LSV Asset Management increased its position in shares of First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after acquiring an additional 301,443 shares in the last quarter. X Square Capital LLC raised its holdings in shares of First BanCorp. by 45.2% during the second quarter. X Square Capital LLC now owns 351,170 shares of the bank’s stock worth $6,423,000 after acquiring an additional 109,340 shares during the period. Finally, Choreo LLC bought a new stake in First BanCorp. in the 2nd quarter valued at $207,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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.