Piper Sandler Trims First BanCorp. (NYSE:FBP) Target Price to $21.00

First BanCorp. (NYSE:FBP) had its target price decreased by research analysts at Piper Sandler from $22.00 to $21.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 10.06% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Hovde Group lifted their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Raymond James began coverage on First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.60.

First BanCorp. Stock Down 1.1 %

Shares of NYSE:FBP traded down $0.22 during trading on Thursday, hitting $19.08. 235,040 shares of the company were exchanged, compared to its average volume of 1,030,347. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 1.72 and a beta of 1.10. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a fifty-two week low of $12.88 and a fifty-two week high of $22.12. The firm has a fifty day moving average price of $20.65 and a two-hundred day moving average price of $19.18.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,452 shares of company stock worth $699,566. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its holdings in shares of First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares during the last quarter. CWM LLC lifted its position in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares in the last quarter. USA Financial Formulas boosted its stake in First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after purchasing an additional 2,234 shares during the last quarter. SageView Advisory Group LLC purchased a new position in First BanCorp. during the 1st quarter worth $110,000. Finally, Perkins Coie Trust Co bought a new stake in shares of First BanCorp. during the 2nd quarter worth $146,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.