First BanCorp. (NYSE:FBP) Director Sells $750,448.00 in Stock

Key Points

• Director Roberto Herencia sold 26,350 First BanCorp. shares for $750,448 at an average price of $28.48, reducing his stake by 4.14% to 610,669 shares.
• First BanCorp. reported quarterly EPS of $0.62, exceeding analyst estimates of $0.54, and announced a quarterly dividend of $0.20, equal to a 2.8% annualized yield.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $29.38 price target; institutional investors own approximately 97.91% of the company.

First BanCorp. (NYSE:FBP - Get Free Report) Director Roberto Herencia sold 26,350 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $17,391,853.12. This trade represents a 4.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

First BanCorp. Stock Performance

Shares of FBP traded up $0.09 during mid-day trading on Friday, hitting $28.54. The stock had a trading volume of 675,147 shares, compared to its average volume of 1,428,576. The company's fifty day simple moving average is $28.00 and its two-hundred day simple moving average is $24.76. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $29.88. The company has a market cap of $4.36 billion, a PE ratio of 12.04, a PEG ratio of 1.53 and a beta of 0.80. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. On average, equities analysts expect that First BanCorp. will post 2.4 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, September 11th. Shareholders of record on Thursday, August 27th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, August 27th. First BanCorp.'s payout ratio is presently 33.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of First BanCorp. in a report on Thursday, August 27th. Zacks Research raised First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Raymond James Financial lifted 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. Wells Fargo & Company boosted their target price on First BanCorp. from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Finally, Truist Financial upped their target price on First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a report on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $29.38.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in shares of First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank's stock worth $3,151,000 after buying an additional 529 shares during the period. Corient Private Wealth LP lifted its stake in First BanCorp. by 3.0% in the 2nd quarter. Corient Private Wealth LP now owns 18,382 shares of the bank's stock worth $479,000 after acquiring an additional 536 shares in the last quarter. Fifth Third Bancorp boosted its position in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock worth $30,000 after acquiring an additional 560 shares during the period. Measured Wealth Private Client Group LLC grew its stake in First BanCorp. by 1.9% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank's stock valued at $769,000 after acquiring an additional 656 shares in the last quarter. Finally, Baron Wealth Management LLC increased its holdings in shares of First BanCorp. by 7.1% in the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank's stock valued at $325,000 after purchasing an additional 1,011 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

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.

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