First BanCorp. (NYSE:FBP) EVP Carlos Power Sells 10,321 Shares

First BanCorp. (NYSE:FBP) EVP Carlos Power sold 10,321 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the sale, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. The trade was a 5.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Carlos Power also recently made the following trade(s):

• On Wednesday, February 5th, Carlos Power sold 45,797 shares of First BanCorp. stock. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69.

First BanCorp. Trading Down 1.2 %

Shares of NYSE:FBP opened at $20.83 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a 1 year low of $16.12 and a 1 year high of $22.40. The company has a market cap of $3.41 billion, a P/E ratio of 11.51, a PEG ratio of 1.38 and a beta of 1.14. The stock’s fifty day moving average price is $19.63 and its 200-day moving average price is $20.27.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the previous year, the company posted $0.46 EPS. Sell-side analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is 35.36%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FBP shares. Hovde Group reduced their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Piper Sandler dropped their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, Wells Fargo & Company reduced their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds and other institutional investors have recently modified their holdings of FBP. AQR Capital Management LLC increased its position in First BanCorp. by 33.2% during the second quarter. AQR Capital Management LLC now owns 71,930 shares of the bank’s stock valued at $1,316,000 after acquiring an additional 17,939 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of First BanCorp. by 32.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 41,331 shares of the bank’s stock valued at $875,000 after purchasing an additional 10,200 shares during the last quarter. CWM LLC lifted its stake in shares of First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares during the period. USA Financial Formulas boosted its holdings in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after buying an additional 2,234 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.