Roberto Herencia Sells 26,350 Shares of First BanCorp. (NYSE:FBP) Stock

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 26,350 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. This represents a 4.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

First BanCorp. Stock Performance

FBP stock opened at $28.54 on Friday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a market cap of $4.36 billion, a PE ratio of 12.04, a P/E/G ratio of 1.53 and a beta of 0.80. The business’s 50-day moving average price is $28.04 and its two-hundred day moving average price is $24.79.

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

First BanCorp. Announces Dividend

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

Wall Street Analyst Weigh In

FBP has been the subject of several research analyst reports. Benchmark upped their price target on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Zacks Research raised shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Truist Financial upped their target price on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. 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 analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. currently has an average rating of “Buy” and a consensus target price of $29.38.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp boosted its holdings in First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares in the last quarter. Jones Financial Companies Lllp lifted its position in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares in the last quarter. State of Wyoming acquired a new position in shares of First BanCorp. during the 4th quarter worth about $64,000. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of First BanCorp. during the 4th quarter worth about $74,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.