PNC Financial Services Group Inc. Sells 1,362 Shares of First BanCorp. (NYSE:FBP)

PNC Financial Services Group Inc. cut its stake in First BanCorp. (NYSE:FBPFree Report) by 8.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,562 shares of the bank’s stock after selling 1,362 shares during the quarter. PNC Financial Services Group Inc.’s holdings in First BanCorp. were worth $256,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Private Wealth Management Group LLC acquired a new position in First BanCorp. in the 4th quarter valued at about $26,000. Strs Ohio boosted 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 worth $80,000 after acquiring an additional 3,300 shares during the period. Headlands Technologies LLC acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $113,000. Campbell & CO Investment Adviser LLC bought a new position in shares of First BanCorp. during the third quarter worth approximately $138,000. Finally, AXQ Capital LP bought a new position in shares of First BanCorp. during the third quarter worth approximately $186,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In other news, 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 transaction, the executive vice president now directly owns 255,236 shares in the company, valued at approximately $4,596,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. Insiders have sold 90,277 shares of company stock worth $1,603,739 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Up 0.7 %

Shares of FBP opened at $17.31 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.93 billion, a PE ratio of 9.89, a P/E/G ratio of 1.43 and a beta of 1.13. The firm’s 50 day moving average is $17.50 and its 200-day moving average is $16.76. First BanCorp. has a 12 month low of $11.80 and a 12 month high of $18.62.

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

First BanCorp. Dividend Announcement

The company 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 is Thursday, May 30th. This represents a $0.64 annualized dividend and a yield of 3.70%. First BanCorp.’s dividend payout ratio is 36.57%.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Analysis on FBP

About First BanCorp.

(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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Institutional Ownership by Quarter for First BanCorp. (NYSE:FBP)

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