First BanCorp. (NYSE:FBP) Given New $26.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Price targets lifted to $26: Keefe, Bruyette & Woods raised its target to $26 (from $24.50) and several other firms including Wells Fargo, Hovde and Truist also set $26 targets, leaving a consensus target of $25.67 and implying roughly a 7.7% upside from current levels.
• Q1 beat but revenue lagged: First BanCorp. reported $0.57 EPS vs. $0.52 expected with strong profitability (ROE ~17.3%, net margin ~27.5%), while quarterly revenue of $258.6M slightly missed the ~$263.5M consensus.
• $0.20 quarterly dividend declared: The board approved a $0.20 dividend (about a 3.4% yield), amid reported insider sales and very high institutional ownership (approximately 97.9%).

First BanCorp. (NYSE:FBP - Get Free Report) had its target price boosted by equities researchers at Keefe, Bruyette & Woods from $24.50 to $26.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 7.71% from the stock's current price.

A number of other equities analysts have also recently commented on FBP. Hovde Group increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Wednesday, January 28th. Weiss Ratings reissued a "buy (b)" rating on shares of First BanCorp. in a report on Tuesday. Piper Sandler reissued a "neutral" rating and set a $25.00 target price on shares of First BanCorp. in a report on Thursday. Wells Fargo & Company increased their target price on First BanCorp. from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Truist Financial set a $26.00 target price on First BanCorp. in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $25.67.

First BanCorp. Price Performance

NYSE FBP traded up $0.47 during trading hours on Thursday, reaching $24.14. The company's stock had a trading volume of 422,413 shares, compared to its average volume of 1,452,778. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 11.23, a P/E/G ratio of 1.94 and a beta of 0.83. First BanCorp. has a 1-year low of $18.74 and a 1-year high of $24.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50-day moving average is $21.75 and its two-hundred day moving average is $21.22.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The business had revenue of $258.64 million during the quarter, compared to analysts' expectations of $263.54 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. On average, equities analysts predict that First BanCorp. will post 2.17 EPS for the current year.

Insider Activity at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director owned 637,019 shares of the company's stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the sale, the executive vice president directly owned 62,937 shares of the company's stock, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in shares of First BanCorp. by 14.4% in the third quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank's stock valued at $20,084,000 after purchasing an additional 114,931 shares during the last quarter. Citigroup Inc. increased its holdings in shares of First BanCorp. by 48.3% in the third quarter. Citigroup Inc. now owns 402,890 shares of the bank's stock valued at $8,884,000 after purchasing an additional 131,293 shares during the last quarter. Bayforest Capital Ltd increased its holdings in shares of First BanCorp. by 191.9% in the third quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank's stock valued at $898,000 after purchasing an additional 26,772 shares during the last quarter. Public Sector Pension Investment Board grew its position in First BanCorp. by 11.7% in the third quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank's stock worth $15,387,000 after acquiring an additional 73,168 shares during the period. Finally, JPMorgan Chase & Co. grew its position in First BanCorp. by 15.1% in the third quarter. JPMorgan Chase & Co. now owns 1,407,825 shares of the bank's stock worth $31,043,000 after acquiring an additional 184,769 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Key First BanCorp. News

Here are the key news stories impacting First BanCorp. this week:

• Positive Sentiment: Q1 earnings beat — FBP reported $0.57 EPS vs. consensus $0.52, up from $0.47 a year ago; profitability metrics (net margin ~27.5%, ROE ~17.3%) reinforce the beat. First BanCorp (FBP) Tops Q1 Earnings Estimates
• Positive Sentiment: Analyst upgrade — Wells Fargo raised its price target from $24 to $26 and moved to an "overweight" rating, implying additional upside and likely supporting buying interest. Benzinga TickerReport
• Positive Sentiment: Dividend declared — Board approved a $0.20 quarterly dividend (ex-dividend May 28, payable June 12), representing a ~3.4% yield, which can attract income-focused investors. First BanCorp. declares $0.20 dividend
• Neutral Sentiment: Earnings call & presentation available — Management provided strategic commentary and call slides that investors can use to assess outlook and drivers of net income growth. First Bancorp (FBP) Q1 2026 Earnings Call Highlights First BanCorp. 2026 Q1 - Results - Earnings Call Presentation
• Neutral Sentiment: Supporting materials — Transcript and slide deck released for deeper review (useful for positioning but not immediately price-moving by themselves). First BanCorp. (FBP) Q1 2026 Earnings Call Transcript Press Release / Slide Deck
• Negative Sentiment: Revenue slightly missed consensus — Q1 revenue of $258.6M was below the consensus ~$263.5M, a potential flag if the top-line trend continues. First BanCorp Q1 Press Release

First BanCorp. Company Profile

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.

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.