First BanCorp. (NYSE:FBP) Share Price Breaks Above 200 Day Moving Average - Time to Sell?

Key Points

• First BanCorp.’s shares broke above their 200-day moving average, reaching $27.08 and last trading near $27.06, compared with the 200-day average of $25.60.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $29.25; recent targets range from $30 to $33.
• The bank reported quarterly EPS of $0.62, exceeding estimates of $0.54, and maintains a quarterly dividend of $0.20 per share, equivalent to a 3.0% annual yield. However, insiders sold 46,350 shares worth about $1.33 million during the quarter.

First BanCorp. (NYSE:FBP - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $25.60 and traded as high as $27.08. First BanCorp. shares last traded at $27.0640, with a volume of 1,349,059 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FBP shares. 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 research note on Wednesday, July 1st. Truist Financial increased their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $33.00 to $32.00 and set an "overweight" rating for the company in a report on Tuesday. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of First BanCorp. in a research report on Thursday, August 27th. Finally, Benchmark lifted their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, First BanCorp. has an average rating of "Moderate Buy" and an average target price of $29.25.

First BanCorp. Stock Up 1.5%

The stock has a market capitalization of $4.13 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 1.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a fifty day moving average price of $28.16 and a 200 day moving average price of $25.60.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. The company had revenue of $264.86 million for the quarter, compared to analyst estimates of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. On average, research analysts forecast that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, August 27th. First BanCorp.'s payout ratio is presently 33.76%.

Insider Activity

In related news, EVP Nayda Rivera sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total transaction of $281,900.00. Following the completion of the transaction, the executive vice president owned 230,398 shares of the company's stock, valued at approximately $6,494,919.62. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roberto R. Herencia sold 26,350 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the transaction, the director directly owned 610,669 shares of the company's stock, valued at approximately $17,391,853.12. This represents a 4.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 46,350 shares of company stock worth $1,328,248. Company insiders own 1.90% of the company's stock.

Institutional Trading of First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of FBP. WINTON GROUP Ltd bought a new position in shares of First BanCorp. in the fourth quarter worth $5,222,000. Bank of America Corp DE boosted its stake in 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 period. NewEdge Advisors LLC boosted its stake in First BanCorp. by 42.8% during the second quarter. NewEdge Advisors LLC now owns 205,731 shares of the bank's stock valued at $5,363,000 after buying an additional 61,624 shares during the period. Hsbc Holdings PLC grew its position in 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 buying an additional 80,582 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in First BanCorp. by 48.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock worth $56,854,000 after buying an additional 871,860 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

About First BanCorp.

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank's offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.

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