Piper Sandler Trims First BanCorp. (NYSE:FBP) Target Price to $21.00

First BanCorp. (NYSE:FBP) had its price target reduced by Piper Sandler from $22.00 to $21.00 in a research report released on Thursday, Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

FBP has been the subject of several other research reports. Raymond James assumed coverage on First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. 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 note on Thursday. Finally, Hovde Group upped their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.40.

First BanCorp. Stock Performance

NYSE:FBP opened at $18.88 on Thursday. First BanCorp. has a twelve month low of $12.95 and a twelve month 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 stock has a market cap of $3.09 billion, a P/E ratio of 10.37, a PEG ratio of 1.74 and a beta of 1.10. The business’s 50-day moving average price is $20.60 and its two-hundred day moving average price is $19.20.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 EPS. As a group, equities analysts predict that First BanCorp. will post 1.76 EPS for the current fiscal year.

Insider Activity

In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the transaction, the executive vice president now owns 89,420 shares of the company’s stock, valued at $1,935,943. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Michael Mcdonald sold 7,612 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,452 shares of company stock valued at $699,566. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after purchasing an additional 448,845 shares in the last quarter. LSV Asset Management increased its stake in shares of First BanCorp. by 22.9% in the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after acquiring an additional 301,443 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in First BanCorp. during the 1st quarter valued at about $16,719,000. Russell Investments Group Ltd. boosted its stake in First BanCorp. by 9.9% during the first quarter. Russell Investments Group Ltd. now owns 676,817 shares of the bank’s stock worth $11,871,000 after acquiring an additional 60,844 shares in the last quarter. Finally, Algert Global LLC grew its holdings in First BanCorp. by 4.1% in the second quarter. Algert Global LLC now owns 657,459 shares of the bank’s stock worth $12,025,000 after purchasing an additional 25,958 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.