Insider Selling: First BanCorp. (NYSE:FBP) CFO Sells $1,344,000.00 in Stock

First BanCorp. (NYSE:FBP) CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The sale was disclosed in a document filed with the SEC, which is available at this link.

First BanCorp. Trading Up 0.6 %

NYSE:FBP opened at $18.08 on Monday. First BanCorp. has a 12-month low of $10.18 and a 12-month high of $18.32. The firm has a market capitalization of $3.06 billion, a P/E ratio of 10.33, a P/E/G ratio of 1.48 and a beta of 1.16. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The business has a 50 day simple moving average of $17.06 and a 200 day simple moving average of $16.14.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The business had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. During the same quarter in the previous year, the firm posted $0.39 EPS. Equities research analysts predict that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, May 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.54%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Wealth Management Group LLC acquired a new position in First BanCorp. during the 4th quarter worth $26,000. Neo Ivy Capital Management bought a new stake in shares of First BanCorp. during the fourth quarter valued at about $36,000. Strs Ohio lifted its holdings in First BanCorp. by 206.3% in the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after purchasing an additional 3,300 shares during the period. Headlands Technologies LLC bought a new position in First BanCorp. in the 4th quarter valued at about $113,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in First BanCorp. during the 3rd quarter valued at about $138,000. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

FBP has been the subject of several research reports. Wells Fargo & Company lifted their target price on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th.

First BanCorp. Company Profile

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.