First BanCorp. (NYSE:FBP) Director Sells $106,881.49 in Stock

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 4,723 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares of the company’s stock, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

First BanCorp. Stock Performance

Shares of NYSE FBP traded down $0.09 during trading on Friday, hitting $22.33. The company had a trading volume of 77,951 shares, compared to its average volume of 1,372,039. The firm has a market capitalization of $3.53 billion, a P/E ratio of 10.40, a price-to-earnings-growth ratio of 1.41 and a beta of 0.88. The stock has a 50 day simple moving average of $21.52 and a 200 day simple moving average of $21.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $23.43.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The firm had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same period last year, the firm earned $0.46 earnings per share. As a group, analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.6%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, February 26th. First BanCorp.’s dividend payout ratio (DPR) is currently 33.49%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FBP shares. Wells Fargo & Company dropped their target price on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Hovde Group raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Finally, Truist Financial increased their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $24.58.

Hedge Funds Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently bought and sold shares of FBP. Martingale Asset Management L P raised its position in First BanCorp. by 27.3% during the fourth quarter. Martingale Asset Management L P now owns 121,210 shares of the bank’s stock worth $2,513,000 after acquiring an additional 26,022 shares during the period. Wells Fargo & Company MN grew its stake in shares of First BanCorp. by 56.4% in the 4th quarter. Wells Fargo & Company MN now owns 186,169 shares of the bank’s stock valued at $3,859,000 after purchasing an additional 67,114 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of First BanCorp. by 12.1% in the 4th quarter. Jane Street Group LLC now owns 271,860 shares of the bank’s stock valued at $5,636,000 after purchasing an additional 29,326 shares in the last quarter. HRT Financial LP grew its position in shares of First BanCorp. by 55.5% in the fourth quarter. HRT Financial LP now owns 138,946 shares of the bank’s stock valued at $2,880,000 after purchasing an additional 49,576 shares during the last quarter. Finally, DRW Securities LLC acquired a new stake in shares of First BanCorp. during the fourth quarter worth $386,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.