Brokerages Set First BanCorp. (NYSE:FBP) Price Target at $20.83

First BanCorp. (NYSE:FBP - Get Free Report) has received an average rating of "Moderate Buy" from the five analysts that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $20.83.

A number of research analysts recently issued reports on FBP shares. Raymond James started coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an "outperform" rating and a $21.00 price objective on the stock. Wells Fargo & Company boosted their price target on First BanCorp. from $19.00 to $20.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 24th. Hovde Group raised their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 24th. Finally, Piper Sandler began coverage on First BanCorp. in a research note on Monday, August 26th. They set a "neutral" rating and a $22.00 target price for the company.

First BanCorp. Price Performance

Shares of NYSE:FBP traded down $0.35 during trading on Friday, reaching $20.66. 3,576,027 shares of the company traded hands, compared to its average volume of 1,059,806. The firm has a market capitalization of $3.44 billion, a PE ratio of 11.81, a PEG ratio of 1.38 and a beta of 1.10. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The company's 50 day moving average is $20.63 and its two-hundred day moving average is $18.57.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The business had revenue of $304.28 million during the quarter, compared to analysts' expectations of $230.26 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.10%. First BanCorp.'s payout ratio is presently 36.57%.

Insider Activity

In other news, EVP Carlos Power sold 22,896 shares of the company's stock in a transaction that occurred 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 owns 232,340 shares of the company's stock, valued at $5,002,280.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares in the company, valued at $5,002,280.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now owns 87,476 shares of the company's stock, valued at $1,881,608.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by corporate insiders.

Institutional Trading of First BanCorp.

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in First BanCorp. during the fourth quarter valued at $32,590,000. Wellington Management Group LLP grew its stake in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank's stock worth $17,101,000 after purchasing an additional 993,819 shares during the period. Jupiter Asset Management Ltd. bought a new stake in First BanCorp. in the first quarter worth approximately $16,719,000. Vanguard Group Inc. lifted its stake in First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank's stock valued at $393,154,000 after buying an additional 448,845 shares during the period. Finally, LSV Asset Management lifted its stake in First BanCorp. by 22.9% in the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank's stock valued at $29,627,000 after buying an additional 301,443 shares during the period. 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.