Insider Selling: First BanCorp. (NYSE:FBP) Director Sells 4,723 Shares of Stock

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 4,723 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

First BanCorp. Stock Performance

FBP stock traded down $0.09 during mid-day trading on Friday, reaching $22.33. 77,951 shares of the stock traded hands, compared to its average volume of 1,372,039. The business has a 50-day moving average of $21.52 and a two-hundred day moving average of $21.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.53 billion, a PE ratio of 10.40, a P/E/G ratio of 1.41 and a beta of 0.88. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03. The business had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same period last year, the company earned $0.46 EPS. As a group, equities analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is currently 33.49%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FBP shares. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Wells Fargo & Company reduced their price target on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Hovde Group increased their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Piper Sandler reiterated a “neutral” rating and set a $24.00 target price (up previously from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.58.

Institutional Investors Weigh In On First BanCorp.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of First BanCorp. during the fourth quarter valued at approximately $42,138,000. Boston Partners grew its stake in First BanCorp. by 767.8% in the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after purchasing an additional 1,116,791 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of First BanCorp. by 82.9% during the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after buying an additional 649,987 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of First BanCorp. by 8.9% in the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after purchasing an additional 616,170 shares during the period. Finally, Verition Fund Management LLC lifted its position in shares of First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after buying an additional 548,164 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.