First BanCorp. (NYSE:FBP) Given New $26.00 Price Target at Keefe, Bruyette & Woods

First BanCorp. (NYSE:FBP) had its target price lifted by Keefe, Bruyette & Woods from $25.00 to $26.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

FBP has been the topic of several other research reports. Wells Fargo & Company cut their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Hovde Group dropped their target price 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. Finally, Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Price Performance

FBP stock opened at $20.57 on Friday. First BanCorp. has a 12-month low of $15.95 and a 12-month high of $22.40. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The company’s fifty day simple moving average is $19.67 and its 200 day simple moving average is $20.23. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.71 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same quarter last year, the firm earned $0.46 EPS. On average, analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is 35.36%.

Insider Buying and Selling at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Institutional investors have recently added to or reduced their stakes in the business. Gladius Capital Management LP purchased a new position in First BanCorp. in the 3rd quarter valued at approximately $25,000. R Squared Ltd purchased a new stake in First BanCorp. during the 4th quarter worth about $28,000. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC increased its position in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. in the third quarter worth about $66,000. 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.