First BanCorp. (NYSE:FBP) Price Target Raised to $21.00 at Keefe, Bruyette & Woods

First BanCorp. (NYSE:FBP) had its target price raised by Keefe, Bruyette & Woods from $19.00 to $21.00 in a report published on Thursday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company lifted their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th.

First BanCorp. Price Performance

First BanCorp. stock traded down $0.06 during midday trading on Thursday, reaching $17.52. The company’s stock had a trading volume of 281,928 shares, compared to its average volume of 1,116,007. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a fifty-two week low of $10.18 and a fifty-two week high of $17.74. The firm has a market capitalization of $2.97 billion, a PE ratio of 10.05, a P/E/G ratio of 1.58 and a beta of 1.16. The stock’s 50 day simple moving average is $16.94 and its 200 day simple moving average is $15.94.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter last year, the business posted $0.39 earnings per share. On average, equities research analysts forecast that First BanCorp. will post 1.69 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.65%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

Insider Buying and Selling at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the sale, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at $19,339,000.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Nayda Rivera sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the completion of the sale, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the transaction, the chief executive officer now owns 1,126,325 shares in the company, valued at approximately $19,339,000.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 132,600 shares of company stock valued at $2,278,784. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds have recently made changes to their positions in the stock. Xponance Inc. increased its position in shares of First BanCorp. by 29.7% during the 3rd quarter. Xponance Inc. now owns 18,548 shares of the bank’s stock valued at $250,000 after purchasing an additional 4,247 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in First BanCorp. by 15.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,709 shares of the bank’s stock valued at $494,000 after acquiring an additional 4,839 shares during the last quarter. Advisor Partners II LLC lifted its stake in First BanCorp. by 4.8% in the third quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock worth $229,000 after purchasing an additional 780 shares during the last quarter. TD Asset Management Inc grew its position in First BanCorp. by 7.2% during the 3rd quarter. TD Asset Management Inc now owns 113,100 shares of the bank’s stock worth $1,522,000 after acquiring an additional 7,600 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new position in shares of First BanCorp. in the 3rd quarter valued at approximately $829,000. 97.91% of the stock is currently owned by institutional investors.

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.