First BanCorp. (NYSE:FBP) Given New $20.00 Price Target at Wells Fargo & Company

First BanCorp. (NYSE:FBP - Free Report) had its target price decreased by Wells Fargo & Company from $22.00 to $20.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank's stock.

FBP has been the topic of a number of other research reports. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Piper Sandler lowered their price target on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Finally, Hovde Group cut their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.20.

First BanCorp. Stock Down 0.8 %

Shares of NYSE FBP traded down $0.14 during mid-day trading on Monday, reaching $18.47. The company had a trading volume of 792,551 shares, compared to its average volume of 716,784. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 1.82 and a beta of 1.14. The stock has a fifty day moving average of $20.00 and a two-hundred day moving average of $20.11. First BanCorp. has a 12-month low of $15.15 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. During the same quarter in the prior year, the firm earned $0.46 EPS. The company's revenue was up 2.0% compared to the same quarter last year. As a group, equities research analysts expect that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Friday, November 29th. First BanCorp.'s payout ratio is 35.36%.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gladius Capital Management LP acquired a new stake in First BanCorp. in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. boosted its position in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock valued at $36,000 after acquiring an additional 1,668 shares during the period. CWM LLC grew its stake in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank's stock worth $60,000 after acquiring an additional 1,952 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in First BanCorp. during the third quarter worth $66,000. Finally, USA Financial Formulas raised its stake in First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after purchasing an additional 2,234 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.