Michael Mcdonald Sells 34,122 Shares of First BanCorp. (NYSE:FBP) Stock

First BanCorp. (NYSE:FBP) EVP Michael Mcdonald sold 34,122 shares of the company’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

First BanCorp. Price Performance

First BanCorp. stock opened at $22.14 on Friday. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a 50 day moving average price of $21.00 and a two-hundred day moving average price of $21.11. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.22 and a beta of 0.88.

First BanCorp. (NYSE:FBP) last released its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The business had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. Equities analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio is currently 33.49%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC bought a new stake in shares of First BanCorp. during the second quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its stake in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the last quarter. First Horizon Corp bought a new stake in First BanCorp. during the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. raised its stake in shares of First BanCorp. by 1,695.8% in the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FBP has been the topic of several recent analyst reports. Truist Financial boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group set a $25.00 target price on shares of First BanCorp. in a research report on Thursday, October 9th. Hovde Group raised their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.58.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.