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

First BanCorp. (NYSE:FBPGet Free Report) had its price objective dropped by stock analysts at Wells Fargo & Company from $22.00 to $20.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 8.81% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Hovde Group lowered their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Piper Sandler dropped their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, First BanCorp. has a consensus rating of “Moderate Buy” and an average price target of $22.20.

Get Our Latest Stock Report on FBP

First BanCorp. Stock Down 0.4 %

FBP opened at $18.38 on Monday. The company has a market capitalization of $3.01 billion, a P/E ratio of 10.15, a P/E/G ratio of 1.79 and a beta of 1.12. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s fifty day moving average price is $20.00 and its two-hundred day moving average price is $20.11. First BanCorp. has a fifty-two week low of $15.15 and a fifty-two week high of $22.40.

First BanCorp. (NYSE:FBPGet Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million for 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%. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. On average, analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FBP. State Street Corp raised its position in shares of First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after acquiring an additional 347,271 shares during the last quarter. Geode Capital Management LLC raised its holdings in First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares during the last quarter. LSV Asset Management lifted its position in First BanCorp. by 22.9% during the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after purchasing an additional 301,443 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of First BanCorp. by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock valued at $24,751,000 after purchasing an additional 16,432 shares during the last quarter. Finally, Algert Global LLC grew its position in shares of First BanCorp. by 2.9% during the 3rd quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after buying an additional 19,290 shares during the period. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for First BanCorp. (NYSE:FBP)

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