First BanCorp. (NYSE:FBP) Upgraded at Zacks Research

First BanCorp. (NYSE:FBP) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. Truist Financial lifted their target price on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Piper Sandler upped their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Raymond James Financial raised their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Wells Fargo & Company lifted their price objective on First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $28.75.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $28.78 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $4.45 billion, a P/E ratio of 12.14, a P/E/G ratio of 1.75 and a beta of 0.82. The firm has a 50 day simple moving average of $25.66 and a 200 day simple moving average of $23.35. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $29.00.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. Sell-side analysts predict that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its position in shares of First BanCorp. by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock worth $3,151,000 after buying an additional 529 shares during the period. Fifth Third Bancorp raised its position in shares of First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after acquiring an additional 560 shares during the period. Measured Wealth Private Client Group LLC raised its position in shares of First BanCorp. by 1.9% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock valued at $769,000 after acquiring an additional 656 shares during the period. Baron Wealth Management LLC boosted its stake in First BanCorp. by 7.1% during the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in First BanCorp. by 1.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 68,322 shares of the bank’s stock worth $1,416,000 after acquiring an additional 1,068 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

About First BanCorp.

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.