First BanCorp. (NYSE:FBP) COO Sells $1,090,500.00 in Stock

First BanCorp. (NYSE:FBP) COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares in the company, valued at approximately $3,807,786.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

First BanCorp. Stock Performance

Shares of FBP stock opened at $21.83 on Friday. The company has a market capitalization of $3.63 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.77 and a beta of 1.12. The business’s 50 day moving average is $18.44 and its two-hundred day moving average is $17.47. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter in the prior year, the business posted $0.37 earnings per share. Analysts expect that First BanCorp. will post 1.77 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.93%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Hedge Funds Weigh In On First BanCorp.

Hedge funds have recently bought and sold shares of the business. Private Wealth Management Group LLC purchased a new position in First BanCorp. during the fourth quarter worth approximately $26,000. Neo Ivy Capital Management acquired a new position in shares of First BanCorp. during the fourth quarter valued at approximately $36,000. Strs Ohio raised its holdings in shares of First BanCorp. by 206.3% during the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $80,000 after acquiring an additional 3,300 shares during the last quarter. SageView Advisory Group LLC acquired a new position in shares of First BanCorp. during the first quarter valued at approximately $110,000. Finally, Headlands Technologies LLC acquired a new position in shares of First BanCorp. during the fourth quarter valued at approximately $113,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FBP. Hovde Group upped their target price on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their target price on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Raymond James began coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Keefe, Bruyette & Woods upped their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

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.