First BanCorp. (NYSE:FBP) EVP Michael Mcdonald Sells 7,612 Shares of Stock

First BanCorp. (NYSE:FBP) EVP Michael Mcdonald sold 7,612 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the completion of the sale, the executive vice president now owns 89,420 shares in the company, valued at approximately $1,935,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First BanCorp. Price Performance

Shares of NYSE:FBP traded down $0.29 during midday trading on Thursday, hitting $21.14. The company had a trading volume of 22,364 shares, compared to its average volume of 1,040,934. The business’s 50-day simple moving average is $19.82 and its 200-day simple moving average is $18.14. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. First BanCorp. has a twelve month low of $12.72 and a twelve month high of $22.12.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, July 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 21.86% and a net margin of 25.91%. The company had revenue of $304.28 million during the quarter, compared to analysts’ expectations of $230.26 million. During the same quarter last year, the firm earned $0.37 earnings per share. On average, research analysts predict that First BanCorp. will post 1.73 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a $0.16 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.03%. First BanCorp.’s payout ratio is presently 36.57%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FBP. Piper Sandler began coverage on First BanCorp. in a research report on Monday. They set a “neutral” rating and a $22.00 price target on the stock. Hovde Group raised their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Raymond James started coverage on First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $20.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. O Shaughnessy Asset Management LLC lifted its holdings in First BanCorp. by 69.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock worth $1,359,000 after buying an additional 31,692 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in First BanCorp. by 239.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after acquiring an additional 67,844 shares during the period. Goldman Sachs Group Inc. increased its position in First BanCorp. by 6.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after purchasing an additional 110,797 shares during the period. Wellington Management Group LLP increased its position in First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after purchasing an additional 993,819 shares during the period. Finally, Headlands Technologies LLC acquired a new position in First BanCorp. during the 4th quarter worth approximately $113,000. 97.91% of the stock is currently owned by hedge funds and other 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.