First BanCorp. (NYSE:FBP) Director Crespo Luz Sells 10,000 Shares of Stock

First BanCorp. (NYSE:FBPGet Free Report) Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the completion of the sale, the director now owns 50,055 shares in the company, valued at approximately $824,405.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

First BanCorp. Stock Performance

NYSE:FBP opened at $16.54 on Wednesday. The company’s 50-day moving average price is $16.56 and its 200-day moving average price is $15.32. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The company has a market cap of $2.80 billion, a P/E ratio of 9.73, a P/E/G ratio of 1.45 and a beta of 1.16. First BanCorp. has a twelve month low of $10.18 and a twelve month high of $17.70.

First BanCorp. (NYSE:FBPGet Free Report) last issued its earnings results on Wednesday, January 24th. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. First BanCorp. had a net margin of 26.19% and a return on equity of 21.62%. The company had revenue of $299.09 million for the quarter, compared to the consensus estimate of $227.75 million. During the same period in the previous year, the firm earned $0.40 earnings per share. On average, sell-side analysts forecast that First BanCorp. will post 1.62 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 3.87%. First BanCorp.’s payout ratio is 37.65%.

Hedge Funds Weigh In On First BanCorp.

Institutional investors have recently bought and sold shares of the company. Private Wealth Management Group LLC purchased a new position in First BanCorp. during the fourth quarter worth about $26,000. West Tower Group LLC purchased a new position in First BanCorp. during the fourth quarter worth about $32,000. Neo Ivy Capital Management acquired a new stake in shares of First BanCorp. during the fourth quarter valued at about $36,000. Legal & General Group Plc increased its position in shares of First BanCorp. by 32.4% during 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. Finally, Lazard Asset Management LLC increased its position in shares of First BanCorp. by 56.1% during the second quarter. Lazard Asset Management LLC now owns 4,296 shares of the bank’s stock valued at $52,000 after acquiring an additional 1,544 shares during the last quarter. 91.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $18.50 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th.

Check Out Our Latest Research Report on FBP

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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