First BanCorp. (NYSE:FBP) Given Neutral Rating at Piper Sandler

Key Points

• Piper Sandler reiterated its Neutral rating on First BanCorp. and cut its price target from $30 to $28, implying about 7% upside from the prior close.
• Analyst views are mixed, though MarketBeat’s consensus rating is Moderate Buy with an average $30 price target.
• First BanCorp. reported quarterly EPS of $0.63, beating the $0.59 consensus estimate, while revenue of $260.12 million came in below the $274.32 million estimate.

First BanCorp. (NYSE:FBP - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at Piper Sandler in a report issued on Monday, Benzinga reports. They presently have a $28.00 target price on the bank's stock, down from their previous target price of $30.00. Piper Sandler's price objective would indicate a potential upside of 6.97% from the stock's previous close.

Several other analysts also recently issued reports on FBP. Zacks Research downgraded First BanCorp. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 23rd. Weiss Ratings restated a "buy (a-)" rating on shares of First BanCorp. in a research note on Thursday, August 27th. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. Benchmark increased their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Truist Financial lifted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.00.

First BanCorp. Price Performance

FBP stock traded up $0.17 during trading on Monday, reaching $26.18. The company's stock had a trading volume of 235,650 shares, compared to its average volume of 1,451,582. First BanCorp. has a 1 year low of $19.28 and a 1 year high of $29.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $4.00 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 1.16 and a beta of 0.85. The company's fifty day moving average is $27.16 and its 200-day moving average is $25.07.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. The business had revenue of $260.12 million for the quarter, compared to the consensus estimate of $274.32 million. First BanCorp. had a return on equity of 18.87% and a net margin of 28.67%. On average, research analysts expect that First BanCorp. will post 2.42 earnings per share for the current fiscal year.

Insider Transactions at First BanCorp.

In related news, EVP Nayda Rivera sold 10,000 shares of the 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 transaction, the executive vice president directly owned 230,398 shares of the company's stock, valued at approximately $6,494,919.62. This represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roberto Herencia sold 26,350 shares of the firm's 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 transaction, the director owned 610,669 shares of the company's stock, valued at $17,391,853.12. This represents a 4.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 46,350 shares of company stock worth $1,328,248 over the last quarter. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new stake in First BanCorp. during the third quarter valued at approximately $26,000. Reyes Financial Architecture Inc. purchased a new position in First BanCorp. during the third quarter worth $32,000. Fifth Third Bancorp boosted its stake in First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock worth $30,000 after buying an additional 560 shares during the period. Farther Finance Advisors LLC increased its position in First BanCorp. by 161.7% during the third quarter. Farther Finance Advisors LLC now owns 2,041 shares of the bank's stock valued at $54,000 after acquiring an additional 1,261 shares during the last quarter. Finally, Addison Advisors LLC bought a new position in First BanCorp. during the third quarter valued at $58,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Company Profile

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.