First BanCorp. (NYSE:FBP) Price Target Increased to $25.00 by Analysts at Hovde Group

First BanCorp. (NYSE:FBP) had its target price hoisted by Hovde Group from $21.00 to $25.00 in a report released on Wednesday morning, Marketbeat.com reports. The firm currently has an outperform rating on the bank’s stock.

FBP has been the subject of several other research reports. Wells Fargo & Company raised their target price on shares of First BanCorp. from $18.00 to $19.00 and gave the stock an equal weight rating in a report on Tuesday, July 9th. Raymond James started coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an outperform rating and a $21.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an outperform rating in a research note on Thursday, April 25th. Two equities research 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 stock presently has an average rating of Moderate Buy and a consensus target price of $20.00.

First BanCorp. Trading Up 0.2 %

NYSE FBP opened at $21.83 on Wednesday. The stock has a market cap of $3.63 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.77 and a beta of 1.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12. The company has a fifty day simple moving average of $18.44 and a two-hundred day simple moving average of $17.47.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The business had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. During the same period in the prior year, the company earned $0.37 earnings per share. On average, analysts forecast that First BanCorp. will post 1.77 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.93%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

Insider Activity

In related news, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. Insiders have sold 130,277 shares of company stock worth $2,529,539 in the last ninety days. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Large investors have recently bought and sold shares of the company. Private Wealth Management Group LLC acquired a new stake in shares of First BanCorp. in the fourth quarter worth approximately $26,000. Neo Ivy Capital Management acquired a new stake in First BanCorp. during the 4th quarter worth $36,000. Strs Ohio boosted its stake in First BanCorp. by 206.3% during the 4th quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after purchasing an additional 3,300 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. during the first quarter worth $110,000. Finally, Headlands Technologies LLC acquired a new stake in shares of First BanCorp. in the fourth quarter valued at about $113,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.