First BanCorp. (NYSE:FBP) Given New $19.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP) had its price objective boosted by Wells Fargo & Company from $18.00 to $19.00 in a report issued on Tuesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

FBP has been the topic of several other reports. Raymond James initiated coverage on First BanCorp. in a report on Tuesday. They set an outperform rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an outperform rating in a report on Thursday, April 25th.

First BanCorp. Stock Up 0.4 %

NYSE:FBP opened at $18.98 on Tuesday. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $19.14. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $3.16 billion, a P/E ratio of 10.85, a P/E/G ratio of 1.53 and a beta of 1.12. The stock’s fifty day simple moving average is $17.86 and its 200-day simple moving average is $17.13.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The business had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. During the same period last year, the company earned $0.39 EPS. Equities research analysts expect that First BanCorp. will post 1.74 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.37%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Insider Activity

In other news, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the sale, the executive vice president now directly owns 255,236 shares in the company, valued at $4,596,800.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the sale, the executive vice president now directly owns 255,236 shares in the company, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Private Wealth Management Group LLC acquired a new stake in shares of First BanCorp. in the fourth quarter valued at about $26,000. Neo Ivy Capital Management acquired a new stake in shares of First BanCorp. in the fourth quarter valued at about $36,000. Strs Ohio increased its position in shares of First BanCorp. by 206.3% in the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $80,000 after acquiring an additional 3,300 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in shares of First BanCorp. in the first quarter valued at about $110,000. Finally, Headlands Technologies LLC acquired a new stake in shares of First BanCorp. in the fourth quarter valued at about $113,000. 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.