Hovde Group Increases First BanCorp. (NYSE:FBP) Price Target to $25.00

First BanCorp. (NYSE:FBP - Get Free Report) had its price target raised by analysts at Hovde Group from $21.00 to $25.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage presently has an "outperform" rating on the bank's stock. Hovde Group's price target suggests a potential upside of 14.84% from the company's current price.

Several other research analysts also recently commented on FBP. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the company an "outperform" rating in a report on Thursday, April 25th. Raymond James assumed coverage on shares of First BanCorp. in a report on Tuesday, July 9th. They set an "outperform" rating and a $21.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on shares of First BanCorp. from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Tuesday, July 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $19.83.

Read Our Latest Research Report on First BanCorp.

First BanCorp. Trading Up 3.3 %

NYSE:FBP opened at $21.77 on Wednesday. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.74 and a beta of 1.12. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The business has a fifty day moving average price of $18.23 and a 200-day moving average price of $17.36. First BanCorp. has a one year low of $12.72 and a one year high of $21.99.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same quarter in the prior year, the firm posted $0.39 EPS. Sell-side analysts forecast that First BanCorp. will post 1.75 EPS for the current year.

Insider Transactions at First BanCorp.

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now directly owns 277,020 shares of the company's stock, valued at $4,964,198.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Carlos Power sold 5,277 shares of the firm's stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares of the company's stock, valued at $4,596,800.36. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On First BanCorp.

Institutional investors have recently bought and sold shares of the business. Private Wealth Management Group LLC purchased a new position in First BanCorp. during the fourth quarter valued at approximately $26,000. Neo Ivy Capital Management acquired a new stake in First BanCorp. in the fourth quarter valued at approximately $36,000. Strs Ohio boosted its stake in First BanCorp. by 206.3% in the fourth quarter. Strs Ohio now owns 4,900 shares of the bank's stock valued at $80,000 after acquiring an additional 3,300 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in First BanCorp. in the first quarter valued at approximately $110,000. Finally, Headlands Technologies LLC acquired a new stake in First BanCorp. in the fourth quarter valued at approximately $113,000. 97.91% of the stock is 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.

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