First BanCorp. (NYSE:FBP) Stock Price Crosses Above 200-Day Moving Average – Should You Sell?

First BanCorp. (NYSE:FBP)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $24.54 and traded as high as $28.28. First BanCorp. shares last traded at $28.13, with a volume of 887,516 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Raymond James Financial increased their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Zacks Research upgraded First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Truist Financial lifted their target price on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Four analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $29.38.

First BanCorp. Trading Up 0.9%

The stock has a market cap of $4.27 billion, a P/E ratio of 11.80, a P/E/G ratio of 1.51 and a beta of 0.81. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average is $27.79 and its 200 day moving average is $24.57.

First BanCorp. (NYSE:FBP) last issued 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. 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 for the quarter, compared to analysts’ expectations of $265.31 million. As a group, equities research analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.9%. First BanCorp.’s payout ratio is currently 33.76%.

Insiders Place Their Bets

In related news, EVP Nayda Rivera sold 10,000 shares of the stock in a transaction 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 owned 240,398 shares in the company, valued at approximately $7,113,376.82. This represents a 3.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP increased its position in First BanCorp. by 3.0% during the second quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock valued at $479,000 after acquiring an additional 536 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of First BanCorp. during the 2nd quarter worth about $465,000. California State Teachers Retirement System boosted its stake in shares of First BanCorp. by 2,432.7% during the 2nd quarter. California State Teachers Retirement System now owns 4,694,920 shares of the bank’s stock worth $122,397,000 after purchasing an additional 4,509,550 shares during the period. HB Wealth Management LLC bought a new position in First BanCorp. during the 2nd quarter valued at about $217,000. Finally, denkapparat Operations GmbH bought a new position in First BanCorp. during the 2nd quarter valued at about $688,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.