First BanCorp. (NYSE:FBP) Shares Break Above 200-Day Moving Average – Here’s What Happened

First BanCorp. (NYSE:FBP) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $25.60 and traded as high as $27.08. First BanCorp. shares last traded at $27.0640, with a volume of 1,349,059 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wells Fargo & Company decreased their price target on First BanCorp. from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday. Benchmark boosted their price target on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Zacks Research lowered First BanCorp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 23rd. Truist Financial lifted their target price on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.25.

First BanCorp. Trading Up 1.5%

The company has a market cap of $4.13 billion, a PE ratio of 11.42, a P/E/G ratio of 1.46 and a beta of 0.84. The stock’s 50 day moving average is $28.16 and its 200-day moving average is $25.60. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The business had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. As a group, sell-side analysts anticipate that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Thursday, August 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. First BanCorp.’s dividend payout ratio (DPR) is presently 33.76%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, Director Roberto R. Herencia sold 26,350 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the sale, the director directly owned 610,669 shares of the company’s stock, valued at $17,391,853.12. The trade was a 4.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the sale, the executive vice president owned 230,398 shares in the company, valued at approximately $6,494,919.62. This trade represents a 4.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 46,350 shares of company stock valued at $1,328,248. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP increased its position in shares of First BanCorp. by 12.2% during the 1st quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank’s stock valued at $103,858,000 after purchasing an additional 527,991 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in First BanCorp. by 48.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank’s stock worth $56,854,000 after buying an additional 871,860 shares during the last quarter. Norges Bank purchased a new position in First BanCorp. during the fourth quarter worth $42,138,000. Bank of America Corp DE boosted its stake in First BanCorp. by 22.1% during the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank’s stock worth $34,833,000 after buying an additional 294,888 shares during the period. Finally, Principal Financial Group Inc. increased its position in First BanCorp. by 5.4% during the first quarter. Principal Financial Group Inc. now owns 1,021,220 shares of the bank’s stock valued at $21,813,000 after acquiring an additional 52,568 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank’s offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.