First BanCorp. (NYSE:FBP) Director Roberto Herencia Sells 26,350 Shares

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 26,350 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. The trade was a 4.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

First BanCorp. Stock Up 0.3%

Shares of First BanCorp. stock traded up $0.09 on Friday, hitting $28.54. 675,147 shares of the company traded hands, compared to its average volume of 1,428,576. The company has a 50-day moving average price of $28.00 and a 200 day moving average price of $24.76. 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. has a 12-month low of $19.16 and a 12-month high of $29.88. The company has a market cap of $4.36 billion, a PE ratio of 12.04, a PEG ratio of 1.53 and a beta of 0.80.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million during 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%. Sell-side analysts predict that First BanCorp. will post 2.4 earnings per share for the current year.

First BanCorp. Announces Dividend

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 issued a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. First BanCorp.’s dividend payout ratio (DPR) is currently 33.76%.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its position in First BanCorp. by 24.4% in the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock worth $824,000 after purchasing an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First BanCorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock valued at $1,847,000 after buying an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after acquiring an additional 29,631 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after acquiring an additional 402,488 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FBP. Wells Fargo & Company raised their target price on First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Truist Financial upped their price target on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. Weiss Ratings restated a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th. Finally, Raymond James Financial upped their target price on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Four analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First BanCorp. currently has a consensus rating of “Buy” and an average target price of $29.38.

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.