First BanCorp. (NYSE:FBP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

First BanCorp. (NYSE:FBP - Get Free Report) had its price target raised by research analysts at Wells Fargo & Company from $20.00 to $22.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price target indicates a potential upside of 12.69% from the stock's previous close.

Separately, Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.80.

First BanCorp. Stock Up 1.4 %

FBP stock traded up $0.26 during midday trading on Monday, reaching $19.52. The company had a trading volume of 93,369 shares, compared to its average volume of 1,249,526. The company has a 50 day moving average of $18.57 and a two-hundred day moving average of $19.55. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.40. The company has a market capitalization of $3.18 billion, a P/E ratio of 10.79, a PEG ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its earnings results on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.43 by $0.04. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The company had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. On average, equities research analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares of the company's stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC lifted its holdings in shares of First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank's stock worth $7,779,000 after buying an additional 189,148 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in First BanCorp. in the 3rd quarter worth about $66,000. Diversified Trust Co grew its position in shares of First BanCorp. by 12.1% during the 4th quarter. Diversified Trust Co now owns 32,474 shares of the bank's stock worth $604,000 after purchasing an additional 3,507 shares in the last quarter. Range Financial Group LLC bought a new position in shares of First BanCorp. during the fourth quarter worth approximately $1,614,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of First BanCorp. in the fourth quarter valued at approximately $4,792,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.