First BanCorp. (NYSE:FBP) CEO Aurelio Aleman Sells 40,000 Shares of Stock

First BanCorp. (NYSE:FBP) CEO Aurelio Aleman sold 40,000 shares of First BanCorp. stock in a transaction on Tuesday, June 8th. The shares were sold at an average price of $12.99, for a total value of $519,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,201,065 shares of the company’s stock, valued at $15,601,834.35. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Shares of First BanCorp. stock opened at $12.56 on Friday. The company has a market capitalization of $2.71 billion, a PE ratio of 17.21 and a beta of 1.41. First BanCorp. has a twelve month low of $4.94 and a twelve month high of $13.25. The business has a fifty day simple moving average of $12.37. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Sunday, April 25th. The bank reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.07. First BanCorp. had a net margin of 19.08% and a return on equity of 7.73%. The firm had revenue of $207.22 million for the quarter, compared to the consensus estimate of $206.49 million. During the same quarter in the previous year, the company earned ($0.03) EPS. As a group, equities research analysts anticipate that First BanCorp. will post 1.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 11th. Shareholders of record on Wednesday, May 26th will be issued a $0.07 dividend. The ex-dividend date is Tuesday, May 25th. This represents a $0.28 dividend on an annualized basis and a yield of 2.23%. First BanCorp.’s payout ratio is currently 63.64%.

A number of equities research analysts have issued reports on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on shares of First BanCorp. from $10.00 to $120.00 in a research note on Wednesday, April 14th. Citigroup raised their price objective on First BanCorp. from $10.00 to $120.00 in a research note on Wednesday, April 14th. Finally, Zacks Investment Research raised shares of First BanCorp. from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Tuesday, April 6th.

Several hedge funds have recently made changes to their positions in FBP. BlackRock Inc. grew its holdings in First BanCorp. by 3.6% in the first quarter. BlackRock Inc. now owns 32,243,831 shares of the bank’s stock worth $363,067,000 after purchasing an additional 1,107,984 shares during the period. Bank of New York Mellon Corp raised its position in shares of First BanCorp. by 6.7% during the first quarter. Bank of New York Mellon Corp now owns 6,138,348 shares of the bank’s stock worth $69,118,000 after purchasing an additional 387,601 shares during the period. Morgan Stanley grew its position in First BanCorp. by 134.1% in the 4th quarter. Morgan Stanley now owns 4,134,834 shares of the bank’s stock valued at $38,123,000 after purchasing an additional 2,368,522 shares during the period. Geode Capital Management LLC increased its stake in First BanCorp. by 11.7% during the 1st quarter. Geode Capital Management LLC now owns 4,105,619 shares of the bank’s stock valued at $46,229,000 after purchasing an additional 429,444 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in First BanCorp. by 1.1% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,052,174 shares of the bank’s stock worth $37,361,000 after buying an additional 42,311 shares during the last quarter. 92.41% of the stock is owned by institutional investors.

About First BanCorp.

First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in 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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