Raymond James Begins Coverage on First BanCorp. (NYSE:FBP)

Research analysts at Raymond James started coverage on shares of First BanCorp. (NYSE:FBP) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $21.00 price target on the bank’s stock. Raymond James’ price target would indicate a potential upside of 14.07% from the stock’s current price.

Several other analysts have also weighed in on the company. Wells Fargo & Company upped their price objective on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th.

First BanCorp. Price Performance

FBP stock opened at $18.41 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 52-week low of $12.54 and a 52-week high of $18.63. The stock’s 50 day moving average is $17.82 and its two-hundred day moving average is $17.10. The company has a market capitalization of $3.06 billion, a PE ratio of 10.52, a P/E/G ratio of 1.46 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The company had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same period in the previous year, the business earned $0.39 EPS. Analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insider Activity at First BanCorp.

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

Institutional Investors Weigh In On First BanCorp.

Several institutional investors have recently made changes to their positions in the company. SummerHaven Investment Management LLC lifted its holdings in shares of First BanCorp. by 1.2% during the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after buying an additional 661 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after buying an additional 815 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of First BanCorp. by 8.1% during the 4th quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock valued at $206,000 after buying an additional 942 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of First BanCorp. by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock valued at $591,000 after buying an additional 1,396 shares during the last quarter. Finally, Prospector Partners LLC lifted its holdings in shares of First BanCorp. by 0.3% during the 4th quarter. Prospector Partners LLC now owns 477,975 shares of the bank’s stock valued at $7,863,000 after buying an additional 1,490 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.