Bailard Inc. purchased a new position in First BanCorp. (NYSE:FBP – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 11,800 shares of the bank’s stock, valued at approximately $216,000.
Several other institutional investors have also added to or reduced their stakes in FBP. Private Wealth Management Group LLC bought a new position in First BanCorp. in the fourth quarter worth approximately $26,000. Neo Ivy Capital Management bought a new position in First BanCorp. in the fourth quarter worth approximately $36,000. Strs Ohio raised its position in First BanCorp. by 206.3% in the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after acquiring an additional 3,300 shares during the period. SageView Advisory Group LLC bought a new position in First BanCorp. in the first quarter worth approximately $110,000. Finally, Headlands Technologies LLC bought a new position in First BanCorp. in the fourth quarter worth approximately $113,000. 97.91% of the stock is currently owned by institutional investors.
First BanCorp. Stock Performance
FBP opened at $21.15 on Wednesday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.50 and a beta of 1.12. The company has a fifty day moving average of $19.74 and a 200 day moving average of $18.12. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77.
First BanCorp. Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 3.03%. First BanCorp.’s payout ratio is 36.57%.
Insider Buying and Selling at First BanCorp.
In other First BanCorp. news, 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 transaction of $492,950.88. Following the completion of the transaction, the executive vice president now owns 232,340 shares in the company, valued at $5,002,280.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other First BanCorp. news, 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 transaction of $492,950.88. Following the completion of the transaction, the executive vice president now owns 232,340 shares in the company, valued at $5,002,280.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Donald Kafka sold 50,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. Raymond James assumed coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Piper Sandler assumed coverage on shares of First BanCorp. in a research note on Monday. They issued a “neutral” rating and a $22.00 price objective for the company. Finally, Hovde Group increased their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, First BanCorp. has an average rating of “Moderate Buy” and a consensus price target of $20.83.
Check Out Our Latest Stock Report on First BanCorp.
First BanCorp. 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.
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