First BanCorp. (NYSE:FBP) Shares Gap Down to $11.99

First BanCorp. (NYSE:FBP – Get Rating)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $11.99, but opened at $11.39. First BanCorp. shares last traded at $11.43, with a volume of 464,764 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com assumed coverage on shares of First BanCorp. in a research note on Thursday. They issued a “hold” rating for the company. Wells Fargo & Company downgraded shares of First BanCorp. from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 15th.

First BanCorp. Trading Down 7.0 %

The firm has a market capitalization of $2.01 billion, a PE ratio of 7.01, a PEG ratio of 0.44 and a beta of 1.15. The company’s 50-day moving average price is $13.58 and its 200-day moving average price is $14.10. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.72 and a current ratio of 0.72.

First BanCorp. (NYSE:FBP – Get Rating) last released its quarterly earnings data on Friday, January 27th. The bank reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.01). First BanCorp. had a return on equity of 20.58% and a net margin of 31.85%. During the same quarter in the previous year, the firm earned $0.36 EPS. On average, sell-side analysts expect that First BanCorp. will post 1.53 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 24th were given a dividend of $0.14 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Thursday, February 23rd. First BanCorp.’s payout ratio is 35.22%.

Insider Activity at First BanCorp.

In related news, Director John A. Heffern purchased 3,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, March 15th. The stock was purchased at an average cost of $11.61 per share, with a total value of $34,830.00. Following the completion of the transaction, the director now directly owns 84,895 shares in the company, valued at $985,630.95. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc lifted its position in First BanCorp. by 32.4% in the fourth quarter. Legal & General Group Plc now owns 2,863 shares of the bank’s stock valued at $36,000 after acquiring an additional 700 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in First BanCorp. by 0.3% in the second quarter. UBS Asset Management Americas Inc. now owns 296,802 shares of the bank’s stock valued at $3,832,000 after acquiring an additional 906 shares during the last quarter. Scotia Capital Inc. lifted its position in First BanCorp. by 4.6% in the fourth quarter. Scotia Capital Inc. now owns 21,653 shares of the bank’s stock valued at $275,000 after acquiring an additional 953 shares during the last quarter. National Bank of Canada FI increased its stake in First BanCorp. by 0.8% in the fourth quarter. National Bank of Canada FI now owns 116,709 shares of the bank’s stock valued at $1,483,000 after purchasing an additional 977 shares during the period. Finally, Meritage Portfolio Management increased its stake in First BanCorp. by 8.8% in the third quarter. Meritage Portfolio Management now owns 13,273 shares of the bank’s stock valued at $182,000 after purchasing an additional 1,074 shares during the period. 94.38% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Company Profile

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First BanCorp (Puerto Rico) is a holding company, which engages in the provision of personal, commercial, and corporate banking services. It operates through the following segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.