What Happened?
Shares of puerto Rican financial institution First BanCorp (NYSE: FBP) jumped 3% in the afternoon session after the company received a stock rating upgrade and price target increases from several other analysts.
Raymond James raised its rating on the shares to "Strong Buy" from "Outperform" and lifted its price target to $27. This positive sentiment was echoed by others, with BofA Securities increasing its target to $26 and Truist Financial also raising its target to $26. Both firms maintained their "Buy" ratings on the stock. The analyst at Truist noted the company's recent first-quarter earnings beat as a factor in their decision.
After the initial pop the shares cooled down to $24.17, up 2.6% from previous close.
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What Is The Market Telling Us
First BanCorp’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
First BanCorp is up 15.6% since the beginning of the year, and at $24.17 per share, it is trading close to its 52-week high of $24.33 from April 2026. Investors who bought $1,000 worth of First BanCorp’s shares 5 years ago would now be looking at an investment worth $1,888.
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