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

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

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

First BanCorp. Stock Performance

FBP stock opened at $18.70 on Monday. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 10.33, a P/E/G ratio of 1.79 and a beta of 1.12. First BanCorp. has a 12 month low of $15.15 and a 12 month high of $22.40. The firm has a 50 day moving average of $19.98 and a two-hundred day moving average of $20.11. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

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

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Friday, November 29th. First BanCorp.’s dividend payout ratio is presently 35.36%.

Insider Activity at First BanCorp.

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

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors have recently added to or reduced their stakes in FBP. Gladius Capital Management LP acquired a new position in shares of First BanCorp. in the 3rd quarter worth approximately $25,000. Blue Trust Inc. grew its position in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the period. CWM LLC raised its stake in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of First BanCorp. during the third quarter valued at $66,000. Finally, USA Financial Formulas boosted its stake in shares of First BanCorp. by 166.7% in 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 in the last quarter. 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.