First BanCorp. (NYSE:FBP) Given New $24.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective raised by research analysts at Wells Fargo & Company from $23.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 14.58% from the stock’s previous close.

FBP has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Truist Financial raised their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Piper Sandler reaffirmed a “neutral” rating and set a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Hovde Group increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.75.

First BanCorp. Trading Up 0.4%

FBP stock traded up $0.09 during midday trading on Monday, hitting $20.95. The company had a trading volume of 154,162 shares, compared to its average volume of 1,431,521. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 1.30 and a beta of 0.87. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $21.63 and its 200 day moving average price is $21.15.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The company had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same period in the previous year, the firm earned $0.46 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the sale, the director owned 637,019 shares in the company, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total value of $754,437.42. Following the transaction, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.30% of the company’s stock.

Institutional Trading of First BanCorp.

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of First BanCorp. by 24.4% during the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after acquiring an additional 8,419 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in First BanCorp. by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock valued at $1,847,000 after purchasing an additional 4,236 shares during the period. Jones Financial Companies Lllp raised its position in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of First BanCorp. by 6.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock valued at $9,911,000 after purchasing an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after purchasing an additional 402,488 shares during the period. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.