First BanCorp. (NYSE:FBP) Given New $21.00 Price Target at Piper Sandler

First BanCorp. (NYSE:FBP - Get Free Report) had its price objective cut by Piper Sandler from $22.00 to $21.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the bank's stock. Piper Sandler's price target points to a potential upside of 8.70% from the company's current price.

A number of other research firms also recently weighed in on FBP. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Thursday. Hovde Group raised their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 24th. Finally, Raymond James began coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an "outperform" rating and a $21.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $21.60.

First BanCorp. Stock Up 0.1 %

First BanCorp. stock traded up $0.02 during mid-day trading on Thursday, hitting $19.32. The company's stock had a trading volume of 1,354,765 shares, compared to its average volume of 1,035,783. First BanCorp. has a 52-week low of $12.88 and a 52-week high of $22.12. The company has a market cap of $3.22 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The firm's 50 day moving average is $20.65 and its 200 day moving average is $19.18.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The business had revenue of $234.57 million during the quarter, compared to analysts' expectations of $238.51 million. During the same period last year, the company posted $0.46 earnings per share. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the business's 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 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Carlos Power sold 22,896 shares of the business's 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 of the company's stock, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares of the company's stock, valued at approximately $1,881,608.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,452 shares of company stock worth $699,566 over the last 90 days. Insiders own 2.50% of the company's stock.

Institutional Trading of First BanCorp.

A number of hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its holdings in shares of First BanCorp. by 69.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank's stock worth $1,359,000 after acquiring an additional 31,692 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of First BanCorp. by 239.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank's stock valued at $1,686,000 after buying an additional 67,844 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in First BanCorp. during the 1st quarter worth about $16,719,000. LSV Asset Management increased its position in First BanCorp. by 18.7% in the 1st quarter. LSV Asset Management now owns 1,318,399 shares of the bank's stock valued at $23,125,000 after acquiring an additional 207,510 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its position in First BanCorp. by 41.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank's stock valued at $3,824,000 after acquiring an additional 61,701 shares in the last quarter. 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.