First BanCorp. (NYSE:FBP) Stock Rating Lowered by Raymond James Financial

Key Points

• Raymond James downgraded First BanCorp. from “strong buy” to “moderate buy,” while the broader analyst consensus remains “moderate buy” with a $29.25 price target.
• First BanCorp. reported quarterly EPS of $0.62, beating estimates of $0.54, though revenue of $264.86 million was slightly below expectations.
• The stock opened at $26.80, with a market capitalization of approximately $4.09 billion; insiders sold 46,350 shares worth $1.33 million over the past three months, while institutional investors own 97.91% of shares.

First BanCorp. (NYSE:FBP - Get Free Report) was downgraded by equities research analysts at Raymond James Financial from a "strong-buy" rating to a "moderate buy" rating in a research report issued on Tuesday, Zacks reports.

Several other equities analysts have also commented on FBP. Zacks Research lowered shares of First BanCorp. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 23rd. Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. Wells Fargo & Company cut their price target on shares of First BanCorp. from $33.00 to $32.00 and set an "overweight" rating for the company in a research report on Tuesday, September 29th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of First BanCorp. in a research note on Thursday, August 27th. Finally, Truist Financial lifted their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.25.

First BanCorp. Stock Performance

NYSE:FBP opened at $26.80 on Tuesday. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 1.46 and a beta of 0.84. The business has a 50 day moving average of $28.08 and a 200 day moving average of $25.73. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.88.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. The business had revenue of $264.86 million for the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. On average, sell-side analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the sale, the executive vice president owned 230,398 shares of the company's stock, valued at $6,494,919.62. This trade represents a 4.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roberto Herencia sold 26,350 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director directly owned 610,669 shares in the company, valued at approximately $17,391,853.12. This trade represents a 4.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 46,350 shares of company stock valued at $1,328,248 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership lifted its stake in shares of First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock valued at $56,854,000 after purchasing an additional 871,860 shares during the period. First Trust Advisors LP grew its stake in First BanCorp. by 12.2% in the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank's stock worth $103,858,000 after purchasing an additional 527,991 shares during the period. Bank of America Corp DE grew its stake in First BanCorp. by 22.1% in the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank's stock worth $34,833,000 after purchasing an additional 294,888 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in First BanCorp. by 546.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 291,969 shares of the bank's stock worth $6,301,000 after purchasing an additional 246,838 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its position in First BanCorp. by 46.9% during the first quarter. Edgestream Partners L.P. now owns 607,965 shares of the bank's stock valued at $12,986,000 after buying an additional 193,981 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

About First BanCorp.

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.

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