First BanCorp. (NYSE:FBP) Upgraded by Wells Fargo & Company to “Overweight” Rating

Wells Fargo & Company upgraded shares of First BanCorp. (NYSE:FBP) from an equal weight rating to an overweight rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. They currently have $20.00 price target on the bank’s stock.

Separately, Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and an average target price of $22.40.

First BanCorp. Stock Down 3.4 %

NYSE:FBP traded down $0.62 during trading hours on Wednesday, reaching $17.76. The company’s stock had a trading volume of 814,637 shares, compared to its average volume of 1,054,908. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. First BanCorp. has a one year low of $16.25 and a one year high of $22.40. The business’s 50-day moving average is $19.10 and its 200-day moving average is $19.72.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter last year, the business posted $0.46 EPS. Equities research analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.05%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio is currently 39.78%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the sale, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of First BanCorp. in the 4th quarter worth approximately $4,625,000. Jefferies Financial Group Inc. bought a new position in First BanCorp. in the fourth quarter worth $4,110,000. Public Employees Retirement System of Ohio boosted its stake in First BanCorp. by 11.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 137,131 shares of the bank’s stock worth $2,549,000 after buying an additional 13,998 shares in the last quarter. GTS Securities LLC bought a new stake in First BanCorp. in the 4th quarter valued at $218,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of First BanCorp. by 16.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 487,355 shares of the bank’s stock valued at $9,060,000 after buying an additional 68,057 shares in the last quarter. 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.