Wells Fargo & Company Boosts First BanCorp. (NYSE:FBP) Price Target to $18.00

First BanCorp. (NYSE:FBP) had its price target raised by research analysts at Wells Fargo & Company from $16.00 to $18.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 6.82% from the company’s current price.

Separately, Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th.

First BanCorp. Stock Performance

Shares of NYSE:FBP traded down $0.66 on Wednesday, reaching $16.85. The company’s stock had a trading volume of 258,482 shares, compared to its average volume of 1,134,800. First BanCorp. has a 52-week low of $10.18 and a 52-week high of $17.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s 50-day moving average is $16.88 and its two-hundred day moving average is $15.69. The stock has a market capitalization of $2.85 billion, a P/E ratio of 9.90, a PEG ratio of 1.48 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. First BanCorp. had a net margin of 26.19% and a return on equity of 21.62%. The business had revenue of $299.09 million for the quarter, compared to analyst estimates of $227.75 million. During the same period in the previous year, the business posted $0.40 earnings per share. As a group, sell-side analysts forecast that First BanCorp. will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Crespo Luz sold 10,000 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the completion of the sale, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total transaction of $998,784.00. Following the completion of the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at approximately $1,708,007.34. The disclosure for this sale can be found here. Insiders have sold a total of 132,600 shares of company stock valued at $2,278,784 over the last quarter. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in First BanCorp. during the 4th quarter valued at $32,590,000. State Street Corp grew its holdings in First BanCorp. by 8.7% during the 1st quarter. State Street Corp now owns 13,679,620 shares of the bank’s stock valued at $179,477,000 after purchasing an additional 1,097,862 shares in the last quarter. Wellington Management Group LLP grew its holdings in First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in First BanCorp. during the 1st quarter valued at $10,473,000. Finally, First Trust Advisors LP grew its holdings in First BanCorp. by 389.8% during the 1st quarter. First Trust Advisors LP now owns 904,256 shares of the bank’s stock valued at $11,864,000 after purchasing an additional 719,644 shares in the last quarter. Institutional investors and hedge funds 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.