First BanCorp. (NYSE:FBP) EVP Carlos Power Sells 5,277 Shares of Stock (2024)

Posted by Cindy Kellogue on May 31st, 2024

First BanCorp. (NYSE:FBP – Get Free Report) EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

First BanCorp. Stock Performance

FBP stock opened at $17.58 on Friday. The company has a market capitalization of $2.98 billion, a P/E ratio of 10.05, a PEG ratio of 1.44 and a beta of 1.16. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The company has a 50-day simple moving average of $17.47 and a 200 day simple moving average of $16.67. First BanCorp. has a fifty-two week low of $11.10 and a fifty-two week high of $18.62.

First BanCorp. (NYSE:FBP – Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, topping 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 company had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same quarter in the previous year, the business earned $0.39 EPS. Sell-side analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Thursday, May 30th. First BanCorp.’s dividend payout ratio is presently 36.57%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FBP. Norges Bank acquired a new position in First BanCorp. in the 4th quarter worth approximately $32,590,000. Wellington Management Group LLP boosted its position in shares of First BanCorp. by 2,172.9% in the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after buying an additional 993,819 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of First BanCorp. during the first quarter valued at $16,719,000. Jacobs Levy Equity Management Inc. raised its position in First BanCorp. by 140.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank’s stock valued at $12,246,000 after buying an additional 531,654 shares during the period. Finally, FMR LLC lifted its stake in First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock worth $165,408,000 after acquiring an additional 505,003 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

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

View Our Latest Stock Report on First BanCorp.

About First BanCorp.

(Get Free Report)

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.

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