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

Key Points

• First BanCorp. shares rose above their 200-day moving average, trading as high as $26.75 versus the $25.97 average, though the stock remained below its 50-day moving average of $27.81.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $29.86; individual targets range from $31 to $33.
• The bank reported quarterly EPS of $0.62, beating estimates by $0.08, and offers a $0.20 quarterly dividend, equivalent to a 3.0% yield. However, insiders sold 46,350 shares worth about $1.33 million during the latest quarter.

First BanCorp. (NYSE:FBP - Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $25.97 and traded as high as $26.75. First BanCorp. shares last traded at $26.7050, with a volume of 1,384,260 shares.

Analysts Set New Price Targets

FBP has been the topic of several recent analyst reports. Benchmark lifted their price target on First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. Raymond James Financial cut First BanCorp. from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday, October 6th. Weiss Ratings restated a "buy (a-)" rating on shares of First BanCorp. in a research report on Thursday, August 27th. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company reduced their price objective on First BanCorp. from $33.00 to $32.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, First BanCorp. has a consensus rating of "Moderate Buy" and a consensus price target of $29.86.

First BanCorp. Stock Up 0.0%

The company has a market capitalization of $4.08 billion, a P/E ratio of 11.27, a price-to-earnings-growth ratio of 1.02 and a beta of 0.84. 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 firm's fifty day moving average is $27.81 and its 200-day moving average is $25.97.

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, topping analysts' consensus estimates of $0.54 by $0.08. The business had revenue of $264.86 million during 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, equities research analysts predict that First BanCorp. will post 2.40 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend 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 Buying and Selling at First BanCorp.

In other news, 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 transaction of $281,900.00. Following the completion of the transaction, the executive vice president directly owned 230,398 shares in the company, valued at approximately $6,494,919.62. This represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roberto Herencia sold 26,350 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total value of $750,448.00. Following the completion of the transaction, the director owned 610,669 shares of the company's stock, valued at $17,391,853.12. The trade was a 4.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 46,350 shares of company stock valued at $1,328,248 over the last quarter. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of FBP. Farther Finance Advisors LLC boosted its position in First BanCorp. by 161.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,041 shares of the bank's stock worth $54,000 after buying an additional 1,261 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in First BanCorp. by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,671 shares of the bank's stock worth $461,000 after acquiring an additional 692 shares during the last quarter. Engineers Gate Manager LP grew its holdings in First BanCorp. by 9.9% during the 2nd quarter. Engineers Gate Manager LP now owns 54,178 shares of the bank's stock worth $1,412,000 after acquiring an additional 4,874 shares during the last quarter. NewEdge Advisors LLC grew its holdings in First BanCorp. by 42.8% during the 2nd quarter. NewEdge Advisors LLC now owns 205,731 shares of the bank's stock worth $5,363,000 after acquiring an additional 61,624 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in First BanCorp. by 144.3% in the 2nd quarter. Squarepoint Ops LLC now owns 230,787 shares of the bank's stock valued at $6,017,000 after acquiring an additional 136,331 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

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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