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

First BanCorp. (NYSE:FBP) EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

First BanCorp. Stock Performance

First BanCorp. stock opened at $21.65 on Wednesday. The firm’s 50 day simple moving average is $20.40 and its 200 day simple moving average is $19.47. 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 1-year low of $13.89 and a 1-year high of $22.40. The firm has a market capitalization of $3.55 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same quarter last year, the business posted $0.46 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. As a group, analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent research reports. Hovde Group reduced their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company reduced their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Finally, Piper Sandler decreased their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Two investment 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, First BanCorp. currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

Institutional Investors Weigh In On First BanCorp.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jupiter Asset Management Ltd. purchased a new position in First BanCorp. in the 1st quarter worth approximately $16,719,000. Vanguard Group Inc. increased its stake in First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after acquiring an additional 448,845 shares during the last quarter. LSV Asset Management raised its position in First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after purchasing an additional 301,443 shares in the last quarter. Panagora Asset Management Inc. lifted its stake in First BanCorp. by 55.8% during the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after purchasing an additional 235,156 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of First BanCorp. by 44.4% in the 1st quarter. Edgestream Partners L.P. now owns 459,484 shares of the bank’s stock worth $8,059,000 after purchasing an additional 141,261 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other 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.