First BanCorp. (NYSE:FBP) Director Roberto Herencia Sells 26,350 Shares

First BanCorp. (NYSE:FBP) Director Roberto Herencia sold 26,350 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. This trade represents a 4.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

First BanCorp. Trading Up 0.3%

First BanCorp. stock opened at $28.54 on Friday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $29.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.53 and a beta of 0.80. The company has a 50 day moving average price of $28.04 and a 200 day moving average price of $24.79.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. Research analysts forecast that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. First BanCorp.’s dividend payout ratio (DPR) is presently 33.76%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FBP shares. Wells Fargo & Company boosted their price objective on shares of First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Benchmark boosted their price target on shares of First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Raymond James Financial increased their price objective on First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Zacks Research raised First BanCorp. from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Four research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Buy” and an average target price of $29.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FBP. Fifth Third Bancorp boosted its holdings in First BanCorp. by 64.9% in the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares in the last quarter. Jones Financial Companies Lllp lifted its position 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 worth $57,000 after buying an additional 2,262 shares during the last quarter. Nykredit A S acquired a new stake in shares of First BanCorp. in the second quarter worth about $78,000. Finally, State of Wyoming bought a new stake in shares of First BanCorp. during the 4th quarter worth about $64,000. Institutional investors own 97.91% of the company’s stock.

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.