Key Points
- Director Roberto Herencia sold 4,723 shares at an average price of $22.63 (≈$106,881), trimming his stake by 0.74% to 637,019 shares valued at about $14.4M.
- Dividend increased — First BanCorp. raised its quarterly payout to $0.20 (from $0.18), annualized $0.80 with a 3.6% yield; the ex-dividend date is Feb. 26 and the payment date is Mar. 13.
- The bank beat Q4 estimates with EPS of $0.55 (vs. $0.52 consensus) and $257.2M revenue, and Wall Street shows a modestly positive bias (average target ≈$24.58; consensus "Moderate Buy").
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First BanCorp. (NYSE:FBP - Get Free Report) Director Roberto Herencia sold 4,723 shares of the company's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the transaction, the director directly owned 637,019 shares of the company's stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
First BanCorp. Stock Up 0.1%
Shares of FBP opened at $22.44 on Friday. The business's 50 day moving average is $21.56 and its 200 day moving average is $21.20. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43. The company has a market capitalization of $3.54 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88.
First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $256.18 million. During the same period last year, the firm posted $0.46 EPS. Research analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.
First BanCorp. Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, February 26th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, February 26th. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. First BanCorp.'s dividend payout ratio is presently 37.21%.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $24.00 to $24.50 and gave the stock a "market perform" rating in a report on Wednesday, January 28th. Wells Fargo & Company reduced their price objective on First BanCorp. from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, October 27th. Hovde Group increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday, January 28th. Truist Financial boosted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.58.
View Our Latest Report on First BanCorp.
Institutional Investors Weigh In On First BanCorp.
Several large investors have recently added to or reduced their stakes in the stock. Bridgewater Associates LP increased its position in shares of First BanCorp. by 185.7% during the fourth quarter. Bridgewater Associates LP now owns 638,506 shares of the bank's stock worth $13,236,000 after acquiring an additional 415,047 shares during the period. Stifel Financial Corp purchased a new position in First BanCorp. during the fourth quarter valued at approximately $373,000. First Trust Advisors LP raised its stake in First BanCorp. by 3.0% in the fourth quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank's stock worth $89,850,000 after buying an additional 126,532 shares in the last quarter. Martingale Asset Management L P raised its stake in First BanCorp. by 27.3% in the fourth quarter. Martingale Asset Management L P now owns 121,210 shares of the bank's stock worth $2,513,000 after buying an additional 26,022 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in First BanCorp. by 56.4% during the fourth quarter. Wells Fargo & Company MN now owns 186,169 shares of the bank's stock worth $3,859,000 after buying an additional 67,114 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.
About First BanCorp.
(
Get Free Report)
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.
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