First BanCorp. (NYSE:FBP) PT Lowered to $24.00 at Hovde Group

First BanCorp. (NYSE:FBP) had its price target reduced by investment analysts at Hovde Group from $25.00 to $24.00 in a report released on Friday, Briefing.com reports. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would suggest a potential upside of 24.13% from the stock’s previous close.

FBP has been the topic of a number of other research reports. Wells Fargo & Company cut their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday. Piper Sandler dropped 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. Finally, Raymond James initiated coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Stock Performance

Shares of FBP opened at $19.34 on Friday. First BanCorp. has a one year low of $12.88 and a one year high of $22.12. The company has a market cap of $3.22 billion, a PE ratio of 11.05, a P/E/G ratio of 1.72 and a beta of 1.10. The stock has a 50-day moving average of $20.64 and a 200-day moving average of $19.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter last year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts predict that First BanCorp. will post 1.76 EPS for the current fiscal year.

Insider Transactions at First BanCorp.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Jupiter Asset Management Ltd. purchased a new stake in shares of First BanCorp. in the first quarter worth $16,719,000. Vanguard Group Inc. increased its holdings in shares of First BanCorp. by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after buying an additional 448,845 shares during the last quarter. LSV Asset Management lifted its holdings in shares of First BanCorp. by 22.9% during the 2nd 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 during the last quarter. Panagora Asset Management Inc. grew its position in First BanCorp. by 55.8% in the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after acquiring an additional 235,156 shares in the last quarter. Finally, Edgestream Partners L.P. raised its position in First BanCorp. by 44.4% during the first quarter. Edgestream Partners L.P. now owns 459,484 shares of the bank’s stock valued at $8,059,000 after purchasing an additional 141,261 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

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.