First BanCorp. (NYSE:FBP) Given New $24.00 Price Target at Hovde Group

First BanCorp. (NYSE:FBP - Free Report) had its price objective cut by Hovde Group from $25.00 to $24.00 in a research note issued to investors on Friday morning, Marketbeat reports. They currently have an outperform rating on the bank's stock.

FBP has been the topic of several other reports. Wells Fargo & Company decreased 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 report on Thursday. Raymond James assumed coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an "outperform" rating and a $21.00 target price on the stock. Finally, Piper Sandler lowered their target price on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.40.

First BanCorp. Stock Performance

Shares of FBP traded down $0.44 during trading hours on Friday, hitting $18.88. The stock had a trading volume of 1,399,847 shares, compared to its average volume of 1,037,542. The firm has a market capitalization of $3.14 billion, a PE ratio of 11.05, a PEG 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. First BanCorp. has a 12 month low of $12.95 and a 12 month high of $22.12. The stock has a fifty day moving average price of $20.64 and a 200 day moving average price of $19.18.

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

Insider Activity at First BanCorp.

In other First BanCorp. 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 directly owns 232,340 shares in the company, valued at $5,002,280.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other First BanCorp. 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 value of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 7,612 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the completion of the sale, the executive vice president now owns 89,420 shares in the company, valued at $1,935,943. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,452 shares of company stock valued at $699,566. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently made changes to their positions in the business. Diversified Trust Co lifted its position in First BanCorp. by 136.1% in the first quarter. Diversified Trust Co now owns 27,479 shares of the bank's stock worth $482,000 after buying an additional 15,839 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of First BanCorp. by 239.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank's stock worth $1,686,000 after purchasing an additional 67,844 shares during the period. Measured Wealth Private Client Group LLC boosted its stake in shares of First BanCorp. by 8.2% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 29,491 shares of the bank's stock worth $517,000 after purchasing an additional 2,240 shares during the period. FCG Investment Co grew its holdings in First BanCorp. by 91.9% during the 1st quarter. FCG Investment Co now owns 28,736 shares of the bank's stock valued at $504,000 after purchasing an additional 13,765 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in First BanCorp. by 32.1% in the 1st quarter. BNP Paribas Financial Markets now owns 83,693 shares of the bank's stock worth $1,468,000 after purchasing an additional 20,338 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.