First BanCorp. (NYSE:FBP) Given New $21.00 Price Target at Piper Sandler

First BanCorp. (NYSE:FBP) had its price target trimmed by Piper Sandler from $22.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

FBP has been the topic of several other reports. Hovde Group boosted their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, Raymond James began coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and an average target price of $21.40.

First BanCorp. Price Performance

Shares of FBP stock traded down $0.19 during midday trading on Thursday, reaching $19.13. 142,087 shares of the company traded hands, compared to its average volume of 1,031,466. The firm’s 50 day simple moving average is $20.64 and its two-hundred day simple moving average is $19.18. The firm has a market cap of $3.18 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 1-year low of $12.95 and a 1-year high of $22.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. First BanCorp.’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. On average, equities research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the transaction, the executive vice president now directly owns 89,420 shares in the company, valued at approximately $1,935,943. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,452 shares of company stock worth $699,566. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Several hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its stake in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC increased its holdings in shares of First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after buying an additional 1,952 shares during the last quarter. USA Financial Formulas raised its position in shares of First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after buying an additional 2,234 shares during the period. SageView Advisory Group LLC acquired a new position in First BanCorp. in the first quarter valued at $110,000. Finally, Perkins Coie Trust Co purchased a new stake in First BanCorp. during the second quarter valued at about $146,000. 97.91% of the stock is 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.