First BanCorp. (NYSE:FBP) Price Target Raised to $22.00

First BanCorp. (NYSE:FBP - Get Free Report) had its target price upped by Wells Fargo & Company from $20.00 to $22.00 in a report released on Monday, MarketBeat reports. The brokerage currently has an "overweight" rating on the bank's stock. Wells Fargo & Company's target price suggests a potential upside of 8.24% from the stock's previous close.

Separately, Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, First BanCorp. presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.80.

First BanCorp. Stock Up 2.5 %

First BanCorp. stock traded up $0.51 during mid-day trading on Monday, reaching $20.33. The company's stock had a trading volume of 915,249 shares, compared to its average volume of 1,083,168. The business's 50 day simple moving average is $18.59 and its 200 day simple moving average is $19.52. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The business had revenue of $248.13 million for the quarter, compared to the consensus estimate of $243.08 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. First BanCorp.'s quarterly revenue was up 7.6% on a year-over-year basis. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the completion of the transaction, the executive vice president now directly owns 186,543 shares of the company's stock, valued at $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Trading of First BanCorp.

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in First BanCorp. in the 4th quarter valued at about $35,275,000. First Trust Advisors LP increased its stake in shares of First BanCorp. by 42.8% during the fourth quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock worth $90,558,000 after purchasing an additional 1,460,789 shares during the period. Millennium Management LLC increased its stake in shares of First BanCorp. by 381.9% during the fourth quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after purchasing an additional 751,413 shares during the period. Intech Investment Management LLC lifted its holdings in First BanCorp. by 267.2% during the 4th quarter. Intech Investment Management LLC now owns 705,075 shares of the bank's stock worth $13,107,000 after purchasing an additional 513,063 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in First BanCorp. in the 4th quarter valued at $8,264,000. 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.