First BanCorp. (NYSE:FBP) Given New $25.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP - Get Free Report) had its price target boosted by equities research analysts at Wells Fargo & Company from $22.00 to $25.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price target suggests a potential upside of 14.77% from the company's current price.

First BanCorp. Stock Up 0.3%

Shares of NYSE FBP opened at $21.78 on Thursday. The company has a 50 day simple moving average of $20.47 and a 200-day simple moving average of $19.57. The company has a market capitalization of $3.52 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. First BanCorp. had a return on equity of 18.22% and a net margin of 24.46%. The business had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. During the same period in the prior year, the company earned $0.44 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

Institutional Trading of First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after purchasing an additional 703 shares during the period. Picton Mahoney Asset Management lifted its position in shares of First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after purchasing an additional 514 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock worth $57,000 after purchasing an additional 2,262 shares in the last quarter. Quarry LP raised its holdings in shares of First BanCorp. by 191.2% during the 1st quarter. Quarry LP now owns 3,585 shares of the bank's stock valued at $69,000 after purchasing an additional 2,354 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in First BanCorp. by 919.3% during the fourth quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock worth $75,000 after purchasing an additional 3,659 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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