First BanCorp. (NYSE:FBP) EVP Nayda Rivera Sells 10,000 Shares

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

First BanCorp. Stock Down 3.1%

Shares of NYSE:FBP opened at $28.45 on Thursday. The firm has a market cap of $4.34 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.58 and a beta of 0.81. The company has a fifty day simple moving average of $27.44 and a 200 day simple moving average of $24.34. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $29.88.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. On average, equities research analysts anticipate that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBP. Fifth Third Bancorp lifted its stake in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after buying an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC grew its position 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 acquiring an additional 1,129 shares during the last quarter. First Horizon Corp acquired a new stake in shares of First BanCorp. in the 4th quarter worth about $40,000. Jones Financial Companies Lllp lifted its position in First BanCorp. by 328.8% in the 1st 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 last quarter. Finally, State of Wyoming bought a new stake in First BanCorp. in the 4th quarter valued at about $64,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Truist Financial lifted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Benchmark boosted their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Finally, Zacks Research raised shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $29.38.

About First BanCorp.

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.