First BanCorp. (NYSE:FBP) Director Sells $106,881.49 in Stock

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 4,723 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the sale, the director owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

First BanCorp. Trading Up 0.1%

Shares of NYSE FBP opened at $22.44 on Monday. The firm’s 50 day moving average price is $21.56 and its 200-day moving average price is $21.20. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $23.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $3.54 billion, a PE ratio of 10.43, a P/E/G ratio of 1.40 and a beta of 0.88.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The company had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. During the same period in the previous year, the business earned $0.46 EPS. On average, equities research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, February 26th. First BanCorp.’s payout ratio is 33.49%.

Analyst Upgrades and Downgrades

FBP has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Hovde Group boosted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Piper Sandler restated a “neutral” rating and set a $24.00 price objective (up previously from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Finally, Truist Financial boosted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.58.

Institutional Trading of First BanCorp.

Several institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp bought a new stake in shares of First BanCorp. during the fourth quarter valued at approximately $40,000. Hantz Financial Services Inc. raised its position in shares of First BanCorp. by 1,695.8% during the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after buying an additional 2,035 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of First BanCorp. during the fourth quarter worth $64,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.