Truist Financial Forecasts Strong Price Appreciation for First BanCorp. (NYSE:FBP) Stock

First BanCorp. (NYSE:FBP) had its target price raised by Truist Financial from $24.00 to $25.00 in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s price target points to a potential upside of 12.92% from the stock’s previous close.

Several other analysts have also weighed in on FBP. Hovde Group raised their price objective on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler assumed coverage on shares of First BanCorp. in a research note on Thursday, January 15th. They issued a “neutral” rating and a $23.00 price target on the stock. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company decreased their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.58.

First BanCorp. Price Performance

First BanCorp. stock opened at $22.14 on Thursday. The firm has a market cap of $3.50 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 1.22 and a beta of 0.88. First BanCorp. has a one year low of $16.40 and a one year high of $22.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.80. The stock’s fifty day moving average price is $21.00 and its two-hundred day moving average price is $21.11.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $257.17 million during the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same quarter in the previous year, the firm earned $0.46 earnings per share. As a group, research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Activity

In other news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president owned 62,937 shares in the company, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC lifted its stake in shares of First BanCorp. by 93.4% in the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock valued at $111,000 after purchasing an additional 2,567 shares during the period. KLP Kapitalforvaltning AS increased its holdings in First BanCorp. by 10.6% in the second quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the bank’s stock worth $717,000 after purchasing an additional 3,300 shares in the last quarter. Bayforest Capital Ltd lifted its stake in First BanCorp. by 191.9% in the third quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock valued at $898,000 after buying an additional 26,772 shares during the period. American Century Companies Inc. boosted its holdings in shares of First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after buying an additional 616,170 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of First BanCorp. during the 2nd quarter worth approximately $29,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.