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

Key Points

• First BanCorp. EVP Nayda Rivera sold 10,000 shares at an average price of $29.59, totaling $295,900. Her remaining stake fell 3.99% to 240,398 shares.
• First BanCorp. reported quarterly EPS of $0.62, beating estimates of $0.54, while revenue of $264.86 million was slightly below expectations. The bank also declared a quarterly dividend of $0.20 per share, yielding approximately 2.8% annually.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a consensus price target of $29.38. Institutional investors own 97.91% of the company’s shares.

First BanCorp. (NYSE:FBP - Get Free Report) EVP Nayda Rivera sold 10,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $29.59, for a total transaction of $295,900.00. Following the transaction, the executive vice president owned 240,398 shares of the company's stock, valued at $7,113,376.82. This represents a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

First BanCorp. Stock Performance

Shares of NYSE FBP traded down $0.91 during midday trading on Wednesday, hitting $28.45. The company's stock had a trading volume of 1,597,377 shares, compared to its average volume of 1,456,800. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.60 and a beta of 0.81. 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 stock has a fifty day moving average price of $27.36 and a 200 day moving average price of $24.30. First BanCorp. has a one year low of $19.16 and a one year high of $29.88.

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 the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The company had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. On average, research analysts forecast that First BanCorp. will post 2.4 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.'s dividend payout ratio (DPR) is presently 33.76%.

Analysts Set New Price Targets

A number of analysts recently issued reports on FBP shares. Piper Sandler increased their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, April 23rd. Benchmark lifted their target price on 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 increased their price target 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. Raymond James Financial boosted their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings raised shares of First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 1st. Four analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $29.38.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp grew its holdings in shares of 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 in the last quarter. EverSource Wealth Advisors LLC raised its stake in First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock valued at $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp bought a new stake in First BanCorp. during the fourth quarter valued at approximately $40,000. Jones Financial Companies Lllp grew its stake in First BanCorp. by 328.8% in 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. Finally, State of Wyoming purchased a new position in First BanCorp. in the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors 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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