Insider Selling: First BanCorp. (NYSE:FBP) EVP Sells 10,321 Shares of Stock

First BanCorp. (NYSE:FBP) EVP Carlos Power sold 10,321 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the transaction, the executive vice president now owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, February 5th, Carlos Power sold 45,797 shares of First BanCorp. stock. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69.

First BanCorp. Price Performance

Shares of FBP stock traded down $0.25 during trading hours on Friday, reaching $20.83. 577,199 shares of the company were exchanged, compared to its average volume of 985,140. First BanCorp. has a fifty-two week low of $16.12 and a fifty-two week high of $22.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The stock’s fifty day moving average is $19.63 and its two-hundred day moving average is $20.27. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 1.38 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the prior year, the business posted $0.46 EPS. Sell-side analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a $0.18 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.46%. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Hovde Group reduced their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Piper Sandler cut their target price 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. Wells Fargo & Company decreased their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new position in shares of First BanCorp. during the 3rd quarter worth about $25,000. R Squared Ltd bought a new position in First BanCorp. during the 4th quarter worth approximately $28,000. Blue Trust Inc. grew its holdings in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC increased its stake in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in First BanCorp. in the third quarter worth $66,000. 97.91% of the stock is owned by institutional investors.

About First BanCorp.

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.