Key Points
- EVP Nayda Rivera sold 10,000 First BanCorp. shares at an average price of $29.59, generating $295,900. Following the sale, she retained 240,398 shares, a 3.99% reduction in her position.
- First BanCorp. reported quarterly EPS of $0.62, beating analyst estimates of $0.54, while revenue totaled $264.86 million. The stock opened at $28.45 and trades near its 52-week high of $29.88.
- The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 dividend and a 2.8% yield. Analysts maintain a consensus “Buy” rating with an average price target of $29.38.
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First BanCorp. (NYSE:FBP - Get Free Report) EVP Nayda Rivera sold 10,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $29.59, for a total value of $295,900.00. Following the completion of the transaction, the executive vice president directly owned 240,398 shares of the company's stock, valued at approximately $7,113,376.82. The trade was a 3.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
First BanCorp. Stock Performance
FBP stock opened at $28.45 on Thursday. The company has a 50-day simple moving average of $27.44 and a 200 day simple moving average of $24.34. The company has a market capitalization of $4.34 billion, a P/E ratio of 12.01, a PEG ratio of 1.58 and a beta of 0.81. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $29.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.
First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million during the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. Sell-side analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.
First BanCorp. Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders 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 annualized dividend and a dividend yield of 2.8%. First BanCorp.'s dividend payout ratio (DPR) is 33.76%.
Analyst Ratings Changes
A number of analysts recently weighed in on FBP shares. Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a report on Thursday, July 23rd. Wells Fargo & Company upped their price target on First BanCorp. from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Benchmark increased their price objective on First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Truist Financial raised their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Zacks Research raised First BanCorp. from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, First BanCorp. currently has a consensus rating of "Buy" and a consensus price target of $29.38.
View Our Latest Stock Analysis on FBP
Hedge Funds Weigh In On First BanCorp.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd acquired a new stake in First BanCorp. during the 4th quarter valued at $5,222,000. Quent Capital LLC acquired a new stake in shares of First BanCorp. in the fourth quarter worth $1,874,000. Novem Group purchased a new position in shares of First BanCorp. during the fourth quarter valued at $1,138,000. Bank of America Corp DE grew its holdings in shares of First BanCorp. by 22.1% during the first quarter. Bank of America Corp DE now owns 1,630,778 shares of the bank's stock valued at $34,833,000 after buying an additional 294,888 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in First BanCorp. by 147.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank's stock valued at $7,667,000 after buying an additional 220,318 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.
First BanCorp. Company Profile
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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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