Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells $295,900.00 in Stock

First BanCorp. (NYSE:FBP) EVP Nayda Rivera sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $29.59, for a total transaction of $295,900.00. Following the completion of the transaction, the executive vice president owned 240,398 shares of the company’s stock, valued at $7,113,376.82. This trade represents a 3.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

First BanCorp. Trading Up 1.1%

Shares of NYSE:FBP opened at $28.52 on Friday. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.52 and a beta of 0.81. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.88. The company’s fifty day simple moving average is $27.56 and its 200 day simple moving average is $24.41. 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 earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The firm had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. As a group, research analysts forecast that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. First BanCorp.’s dividend payout ratio is 33.76%.

Wall Street Analyst Weigh In

Several brokerages recently commented on FBP. Truist Financial increased their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Benchmark increased their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial increased their target price on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Buy” and an average target price of $29.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FBP. Fifth Third Bancorp increased its position in First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after acquiring an additional 560 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of First BanCorp. by 151.7% during the second 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 during the period. First Horizon Corp bought a new stake in shares of First BanCorp. in the fourth quarter worth $40,000. Jones Financial Companies Lllp increased its holdings in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares during the period. Finally, State of Wyoming acquired a new stake in First BanCorp. in the fourth quarter valued at $64,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

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.