First BanCorp. (NYSE:FBP) EVP Sells $529,750.00 in Stock

First BanCorp. (NYSE:FBP) EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

First BanCorp. Stock Performance

FBP opened at $20.92 on Friday. The firm has a 50 day moving average of $20.41 and a two-hundred day moving average of $19.51. The firm has a market capitalization of $3.43 billion, a PE ratio of 11.56, a P/E/G ratio of 1.96 and a beta of 1.11. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. First BanCorp. has a 12-month low of $14.72 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. On average, analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.06%. First BanCorp.’s payout ratio is 35.36%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Gladius Capital Management LP purchased a new stake in First BanCorp. in the 3rd quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC increased its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the last quarter. USA Financial Formulas boosted its position in shares of First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after acquiring an additional 2,234 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new position in First BanCorp. during the first quarter worth about $110,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Piper Sandler lowered their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Hovde Group cut their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.40.

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.