First BanCorp. (NYSE:FBP) Now Covered by Analysts at Truist Financial

Key Points

• Analysts at Truist Financial have initiated coverage of First BanCorp. (NYSE: FBP) with a "buy" rating and a target price of $25.00, indicating a potential upside of 15.85% from its previous close.
• First BanCorp. recently reported earnings of $0.50 per share, exceeding expectations, but its revenue of $246.81 million fell short of consensus estimates.
• Institutional investors hold a significant portion of First BanCorp.'s stock, owning 97.91% of the company, including several firms that have recently increased their stakes.

Equities researchers at Truist Financial began coverage on shares of First BanCorp. (NYSE:FBP - Get Free Report) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $25.00 price target on the bank's stock. Truist Financial's target price would suggest a potential upside of 15.85% from the company's previous close.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company boosted their price target on First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. UBS Group set a $25.00 price objective on shares of First BanCorp. in a research note on Thursday. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First BanCorp. in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $24.33.

First BanCorp. Trading Up 0.0%

Shares of First BanCorp. stock opened at $21.58 on Thursday. The company has a 50-day moving average of $21.66 and a two-hundred day moving average of $20.60. The stock has a market cap of $3.46 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.34 and a beta of 0.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The firm had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.During the same period last year, the business posted $0.46 EPS. On average, research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Activity

In related news, CEO Aurelio Aleman sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the transaction, the chief executive officer owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in shares of First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank's stock worth $157,098,000 after purchasing an additional 616,170 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of First BanCorp. by 0.7% during the first quarter. Alliancebernstein L.P. now owns 6,508,647 shares of the bank's stock valued at $124,771,000 after buying an additional 48,301 shares during the last quarter. First Trust Advisors LP boosted its stake in First BanCorp. by 4.7% during the second quarter. First Trust Advisors LP now owns 4,058,943 shares of the bank's stock worth $84,548,000 after buying an additional 180,848 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in First BanCorp. by 3.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,770,605 shares of the bank's stock valued at $53,113,000 after buying an additional 85,017 shares during the period. Finally, Norges Bank acquired a new position in shares of First BanCorp. in the 2nd quarter valued at $41,404,000. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Company Profile

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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