Wells Fargo & Company Upgrades First BanCorp. (NYSE:FBP) to “Overweight”

First BanCorp. (NYSE:FBP) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $20.00 price objective on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.89% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

First BanCorp. Trading Up 0.7 %

NYSE FBP opened at $16.97 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 9.37, a PEG ratio of 1.34 and a beta of 0.90. The firm has a 50 day simple moving average of $19.20 and a 200-day simple moving average of $19.75. First BanCorp. has a one year low of $16.25 and a one year high of $22.40.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same period in the previous year, the firm posted $0.46 earnings per share. Equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Activity

In related news, EVP Carlos Power sold 10,321 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the company. R Squared Ltd acquired a new stake in shares of First BanCorp. in the 4th quarter valued at about $28,000. Picton Mahoney Asset Management boosted its holdings in shares of First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. grew its position in shares of First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of First BanCorp. during the third quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after acquiring an additional 3,032 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.