First BanCorp. (NYSE:FBP) Raised to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of First BanCorp. (NYSE:FBP - Free Report) from an equal weight rating to an overweight rating in a report published on Wednesday morning, MarketBeat reports. The firm currently has $20.00 target price on the bank's stock.

Separately, Keefe, Bruyette & Woods raised their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.40.

First BanCorp. Stock Down 1.0 %

NYSE FBP traded down $0.17 on Wednesday, reaching $17.57. 418,141 shares of the stock traded hands, compared to its average volume of 1,058,260. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The company has a fifty day moving average price of $18.99 and a 200-day moving average price of $19.67. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 1.34 and a beta of 0.90. First BanCorp. has a 12 month low of $16.25 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same period in the prior year, the business earned $0.46 earnings per share. As a group, research analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a $0.18 dividend. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 4.10%. The ex-dividend date was Friday, February 21st. First BanCorp.'s dividend payout ratio is presently 39.78%.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total value 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of First BanCorp. by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank's stock worth $398,981,000 after acquiring an additional 63,304 shares during the last quarter. State Street Corp increased its holdings in First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank's stock valued at $194,630,000 after acquiring an additional 347,271 shares in the last quarter. American Century Companies Inc. raised its position in shares of First BanCorp. by 1.2% during the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank's stock worth $125,001,000 after purchasing an additional 78,129 shares during the last quarter. First Trust Advisors LP lifted its holdings in First BanCorp. by 42.8% in the 4th quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock valued at $90,558,000 after purchasing an additional 1,460,789 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in First BanCorp. by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,462,862 shares of the bank's stock worth $82,981,000 after acquiring an additional 76,256 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.