First BanCorp. (NYSE:FBP) Shares Gap Down to $11.99

Shares of First BanCorp. (NYSE:FBP – Get Rating) gapped down before the market opened on Friday . The stock had previously closed at $11.99, but opened at $11.39. First BanCorp. shares last traded at $11.43, with a volume of 464,764 shares traded.

Analysts Set New Price Targets

Several research firms have recently issued reports on FBP. Wells Fargo & Company lowered shares of First BanCorp. from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 15th. StockNews.com assumed coverage on shares of First BanCorp. in a research note on Thursday. They set a “hold” rating on the stock.

First BanCorp. Price Performance

The stock has a market capitalization of $2.01 billion, a PE ratio of 7.01, a price-to-earnings-growth ratio of 0.44 and a beta of 1.15. The stock’s 50 day moving average is $13.58 and its two-hundred day moving average is $14.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.72 and a current ratio of 0.72.

First BanCorp. (NYSE:FBP – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The bank reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). First BanCorp. had a net margin of 31.85% and a return on equity of 20.58%. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, equities analysts anticipate that First BanCorp. will post 1.53 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 24th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 5.02%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, February 23rd. First BanCorp.’s dividend payout ratio (DPR) is 35.22%.

Insiders Place Their Bets

In other First BanCorp. news, Director John A. Heffern bought 3,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The shares were acquired at an average cost of $11.61 per share, with a total value of $34,830.00. Following the purchase, the director now directly owns 84,895 shares of the company’s stock, valued at approximately $985,630.95. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in shares of First BanCorp. by 32.4% during the 4th quarter. Legal & General Group Plc now owns 2,863 shares of the bank’s stock worth $36,000 after buying an additional 700 shares during the last quarter. Globeflex Capital L P acquired a new stake in shares of First BanCorp. during the 4th quarter worth approximately $71,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of First BanCorp. during the 4th quarter worth approximately $97,000. Lazard Asset Management LLC increased its holdings in shares of First BanCorp. by 121.0% during the 2nd quarter. Lazard Asset Management LLC now owns 8,785 shares of the bank’s stock worth $113,000 after buying an additional 4,809 shares during the last quarter. Finally, EMC Capital Management acquired a new stake in shares of First BanCorp. during the 4th quarter worth approximately $127,000. Institutional investors and hedge funds own 94.38% of the company’s stock.

First BanCorp. Company Profile

(Get Rating)

First BanCorp (Puerto Rico) is a holding company, which engages in the provision of personal, commercial, and corporate banking services. It operates through the following segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.