Raymond James Financial Downgrades First BanCorp. (NYSE:FBP) to Moderate Buy

First BanCorp. (NYSE:FBP) was downgraded by analysts at Raymond James Financial from a “strong-buy” rating to a “moderate buy” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other brokerages have also commented on FBP. Wells Fargo & Company decreased their price objective on First BanCorp. from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. 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 report on Monday, July 13th. Zacks Research downgraded First BanCorp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 23rd. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.25.

First BanCorp. Stock Down 1.4%

First BanCorp. stock opened at $26.45 on Tuesday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.88. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 1.44 and a beta of 0.84. The firm’s fifty day moving average price is $28.03 and its two-hundred day moving average price is $25.77. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.62 EPS 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 company had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. On average, equities research analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

Insider Transactions at First BanCorp.

In related news, Director Roberto R. Herencia sold 26,350 shares of First BanCorp. stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total value of $750,448.00. Following the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. The trade was a 4.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nayda Rivera sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the sale, the executive vice president directly owned 230,398 shares in the company, valued at $6,494,919.62. This trade represents a 4.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 46,350 shares of company stock worth $1,328,248. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP increased its stake in First BanCorp. by 3.0% in the 2nd quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock worth $479,000 after purchasing an additional 536 shares during the period. Fifth Third Bancorp boosted its stake in shares of First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after purchasing an additional 560 shares during the period. Measured Wealth Private Client Group LLC grew its holdings in shares of First BanCorp. by 1.9% in the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock worth $769,000 after purchasing an additional 656 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of First BanCorp. by 4.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 17,671 shares of the bank’s stock worth $461,000 after purchasing an additional 692 shares during the last quarter. Finally, Baron Wealth Management LLC increased its stake in shares of First BanCorp. by 7.1% in the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after buying an additional 1,011 shares during the period. 97.91% of the stock is owned by institutional investors.

First BanCorp. Company Profile

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank’s offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.