First BanCorp. (NYSE:FBP) Shares Gap Down on Insider Selling
First BanCorp. (NYSE:FBP) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $5.88, but opened at $5.71. First BanCorp. shares last traded at $5.58, with a volume of 2,104,371 shares traded.
Specifically, insider Oaktree Fund Gp, Llc sold 10,000,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $5.66, for a total value of $56,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 21.10% of the company’s stock.
A number of research firms recently weighed in on FBP. BidaskClub lowered First BanCorp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded First BanCorp. from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $7.00.
The firm has a market capitalization of $1.19 billion, a PE ratio of 12.13 and a beta of 2.01. The company has a 50 day moving average price of $5.84 and a 200 day moving average price of $5.89.
First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Friday, July 28th. The bank reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. First BanCorp. had a return on equity of 5.57% and a net margin of 15.17%. The firm had revenue of $144.45 million during the quarter, compared to analysts’ expectations of $145.55 million. During the same period in the prior year, the firm posted $0.10 earnings per share. Equities research analysts predict that First BanCorp. will post $0.47 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wetherby Asset Management Inc. bought a new position in shares of First BanCorp. during the first quarter valued at approximately $104,000. Everence Capital Management Inc. bought a new position in shares of First BanCorp. during the first quarter valued at approximately $107,000. Brandes Investment Partners LP boosted its position in shares of First BanCorp. by 25.0% in the first quarter. Brandes Investment Partners LP now owns 19,506 shares of the bank’s stock valued at $110,000 after buying an additional 3,902 shares during the period. Bank of Montreal Can boosted its position in shares of First BanCorp. by 1.6% in the first quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock valued at $112,000 after buying an additional 316 shares during the period. Finally, LS Investment Advisors LLC boosted its position in shares of First BanCorp. by 444.6% in the first quarter. LS Investment Advisors LLC now owns 25,674 shares of the bank’s stock valued at $145,000 after buying an additional 20,960 shares during the period. 86.06% of the stock is owned by hedge funds and other institutional investors.
First BanCorp. Company Profile
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