Insider Selling: First BanCorp. (NYSE:FBP) CFO Sells 75,000 Shares of Stock

First BanCorp. (NYSE:FBP) CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

First BanCorp. Trading Up 0.6 %

First BanCorp. stock traded up $0.11 during mid-day trading on Friday, reaching $18.08. 719,186 shares of the company traded hands, compared to its average volume of 1,107,556. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 52-week low of $10.18 and a 52-week high of $18.32. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 10.34, a P/E/G ratio of 1.45 and a beta of 1.16. The firm’s 50 day moving average price is $17.03 and its 200 day moving average price is $16.08.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Thursday, May 30th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.54%. The ex-dividend date is Wednesday, May 29th. First BanCorp.’s dividend payout ratio is currently 36.57%.

Institutional Trading of First BanCorp.

A number of hedge funds and other institutional investors have recently modified their holdings of FBP. Xponance Inc. lifted its position in First BanCorp. by 29.7% during the 3rd quarter. Xponance Inc. now owns 18,548 shares of the bank’s stock valued at $250,000 after acquiring an additional 4,247 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First BanCorp. by 15.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,709 shares of the bank’s stock valued at $494,000 after purchasing an additional 4,839 shares during the last quarter. Advisor Partners II LLC grew its stake in shares of First BanCorp. by 4.8% in the 3rd quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock worth $229,000 after buying an additional 780 shares during the last quarter. TD Asset Management Inc grew its stake in shares of First BanCorp. by 7.2% in the third quarter. TD Asset Management Inc now owns 113,100 shares of the bank’s stock worth $1,522,000 after acquiring an additional 7,600 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in First BanCorp. during the 3rd quarter valued at $829,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th.

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.