Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells $492,950.88 in Stock

First BanCorp. (NYSE:FBP) EVP Carlos Power sold 22,896 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The sale was disclosed in a filing with the SEC, which is available at this link.

Carlos Power also recently made the following trade(s):

• On Tuesday, May 28th, Carlos Power sold 5,277 shares of First BanCorp. stock. The stock was sold at an average price of $18.01, for a total value of $95,038.77.

First BanCorp. Stock Performance

First BanCorp. stock opened at $20.36 on Friday. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market cap of $3.39 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The stock has a 50 day moving average of $18.77 and a 200-day moving average of $17.66.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period last year, the business earned $0.37 EPS. On average, analysts expect that First BanCorp. will post 1.73 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.14%. The ex-dividend date is Thursday, August 29th. First BanCorp.’s dividend payout ratio is currently 36.57%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FBP. Norges Bank bought a new stake in shares of First BanCorp. in the 4th quarter valued at approximately $32,590,000. Wellington Management Group LLP increased its stake in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of First BanCorp. during the first quarter worth $16,719,000. Vanguard Group Inc. lifted its position in shares of First BanCorp. by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after buying an additional 448,845 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its holdings in shares of First BanCorp. by 55.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock valued at $12,014,000 after buying an additional 235,156 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FBP shares. Hovde Group boosted their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Wells Fargo & Company raised their price target on shares of First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Finally, Raymond James began coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.60.

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.