First BanCorp. (NYSE:FBP) EVP Sells $214,160.75 in Stock

First BanCorp. (NYSE:FBP) EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Carlos Power also recently made the following trade(s):

• On Wednesday, February 5th, Carlos Power sold 45,797 shares of First BanCorp. stock. The stock was sold at an average price of $20.77, for a total value of $951,203.69.

First BanCorp. Stock Performance

First BanCorp. stock opened at $20.83 on Friday. The company’s 50-day moving average price is $19.63 and its 200-day moving average price is $20.27. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.41 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.38 and a beta of 1.14. First BanCorp. has a twelve month low of $16.12 and a twelve month high of $22.40.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter last year, the business earned $0.46 earnings per share. On average, equities research analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.18 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.46%. First BanCorp.’s dividend payout ratio is currently 35.36%.

Wall Street Analysts Forecast Growth

FBP has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Hovde Group reduced their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Piper Sandler dropped their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.40.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently modified their holdings of FBP. State Street Corp increased its stake in First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the period. Geode Capital Management LLC grew its holdings in shares of First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in First BanCorp. by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock worth $24,751,000 after buying an additional 16,432 shares during the period. Principal Financial Group Inc. lifted its holdings in First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after buying an additional 37,432 shares in the last quarter. Finally, Algert Global LLC boosted its position in First BanCorp. by 2.9% in the 3rd quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock valued at $14,327,000 after buying an additional 19,290 shares during the period. 97.91% of the stock is owned by institutional investors.

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.