Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells 25,000 Shares of Stock

First BanCorp. (NYSE:FBP) EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

First BanCorp. Price Performance

NYSE:FBP opened at $21.31 on Thursday. First BanCorp. has a 52 week low of $14.53 and a 52 week high of $22.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50-day simple moving average is $20.41 and its 200 day simple moving average is $19.51. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.96 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.00%. First BanCorp.’s payout ratio is 35.36%.

Institutional Trading of First BanCorp.

Several large investors have recently modified their holdings of the stock. Gladius Capital Management LP bought a new stake in First BanCorp. during the third quarter worth about $25,000. Blue Trust Inc. lifted its holdings in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after acquiring an additional 1,668 shares during the period. CWM LLC lifted its holdings in shares of First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares during the period. USA Financial Formulas boosted its position in shares of First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after acquiring an additional 2,234 shares in the last quarter. Finally, SageView Advisory Group LLC bought a new position in First BanCorp. in the first quarter valued at approximately $110,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FBP shares. Hovde Group dropped their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Wells Fargo & Company decreased their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Finally, Piper Sandler cut their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $21.40.

About First BanCorp.

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.