First BanCorp. (NYSE:FBP) Given New $25.00 Price Target at Keefe, Bruyette & Woods

First BanCorp. (NYSE:FBP) had its price target boosted by Keefe, Bruyette & Woods from $24.00 to $25.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 22.25% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Hovde Group cut their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Piper Sandler reduced their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Wells Fargo & Company upped their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.60.

First BanCorp. Stock Down 0.5 %

Shares of NYSE:FBP opened at $20.45 on Wednesday. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.12. The company has a 50 day moving average of $20.55 and a two-hundred day moving average of $19.83. First BanCorp. has a 52-week low of $15.15 and a 52-week high of $22.40. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its holdings in shares of First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the last quarter. Geode Capital Management LLC lifted its stake in First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after buying an additional 112,432 shares during the last quarter. LSV Asset Management boosted its holdings in shares of First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after acquiring an additional 301,443 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of First BanCorp. by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock valued at $24,751,000 after acquiring an additional 16,432 shares during the period. Finally, Algert Global LLC grew its position in shares of First BanCorp. by 2.9% during the third quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after acquiring an additional 19,290 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.