Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells 10,000 Shares of Stock

Key Points

• Insider selling: First BanCorp. EVP Nayda Rivera sold 10,000 shares for approximately $281,900, reducing her stake by 4.16% to 230,398 shares. She also sold 10,000 shares the prior week.
• Financial performance: First BanCorp. reported quarterly earnings of $0.62 per share, exceeding analyst expectations of $0.54, while revenue totaled $264.86 million. The company maintains strong profitability, with a 29.24% net margin and 18.03% return on equity.
• Investor outlook: The bank declared a quarterly dividend of $0.20 per share, representing a 2.9% yield, and analysts have assigned the stock a consensus “Buy” rating with a $29.38 price target. Institutional investors own nearly 98% of outstanding shares.

First BanCorp. (NYSE:FBP - Get Free Report) EVP Nayda Rivera sold 10,000 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the sale, the executive vice president owned 230,398 shares of the company's stock, valued at approximately $6,494,919.62. This trade represents a 4.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nayda Rivera also recently made the following trade(s):

• On Monday, August 17th, Nayda Rivera sold 10,000 shares of First BanCorp. stock. The shares were sold at an average price of $29.59, for a total value of $295,900.00.

First BanCorp. Stock Performance

NYSE:FBP traded up $0.31 on Friday, hitting $28.02. The stock had a trading volume of 1,255,102 shares, compared to its average volume of 1,438,174. The business's 50-day simple moving average is $27.79 and its two-hundred day simple moving average is $24.57. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.51 and a beta of 0.81. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $29.88. 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 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. The firm had revenue of $264.86 million for the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. As a group, research analysts predict that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Dividend Announcement

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

Institutional Trading of First BanCorp.

Several institutional investors have recently made changes to their positions in FBP. WINTON GROUP Ltd purchased a new stake in First BanCorp. during the 4th quarter valued at approximately $5,222,000. Bank of America Corp DE raised its position in shares of First BanCorp. by 22.1% during the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank's stock valued at $34,833,000 after buying an additional 294,888 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of First BanCorp. by 147.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank's stock worth $7,667,000 after buying an additional 220,318 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of First BanCorp. by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank's stock worth $445,017,000 after buying an additional 413,557 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of First BanCorp. by 376.6% during the first quarter. Hsbc Holdings PLC now owns 101,977 shares of the bank's stock worth $2,168,000 after acquiring an additional 80,582 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FBP. Truist Financial raised 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. Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $27.00 to $31.00 and gave the company a "market perform" rating in a research report on Thursday, July 23rd. Zacks Research upgraded First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Benchmark increased their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Finally, Raymond James Financial increased their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Four equities research 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $29.38.

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.

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