Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells $529,750.00 in Stock

First BanCorp. (NYSE:FBP) EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

First BanCorp. Stock Down 1.8 %

Shares of FBP opened at $20.92 on Friday. The firm has a fifty day moving average price of $20.41 and a 200-day moving average price of $19.51. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $3.43 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.96 and a beta of 1.11. First BanCorp. has a 12-month low of $14.72 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same period last year, the business posted $0.46 EPS. First BanCorp.’s quarterly revenue was up 2.0% on a year-over-year basis. Equities research analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Institutional Trading of First BanCorp.

Hedge funds have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co increased its holdings in shares of First BanCorp. by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after acquiring an additional 815 shares during the period. SummerHaven Investment Management LLC grew its stake in First BanCorp. by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock valued at $1,059,000 after purchasing an additional 856 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in First BanCorp. by 8.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after purchasing an additional 971 shares during the last quarter. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. during the third quarter valued at about $25,000. Finally, FCG Investment Co lifted its position in shares of First BanCorp. by 4.8% during the second quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock valued at $551,000 after buying an additional 1,375 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Hovde Group dropped their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company lowered their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, Piper Sandler dropped their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.