First BanCorp. (NYSE:FBP) posted its earnings results on Friday, July 28th. The bank reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02, MarketWatch Earnings reports. First BanCorp. had a return on equity of 5.57% and a net margin of 15.17%. The company had revenue of $144.45 million for the quarter, compared to analyst estimates of $145.55 million. During the same quarter in the previous year, the firm earned $0.10 earnings per share.
Shares of First BanCorp. (NYSE FBP) traded down 0.52% during trading on Wednesday, hitting $5.71. The stock had a trading volume of 1,960,744 shares. The company has a market cap of $1.22 billion, a PE ratio of 12.41 and a beta of 2.01. The stock’s 50 day moving average is $5.83 and its 200-day moving average is $5.92. First BanCorp. has a 12-month low of $4.28 and a 12-month high of $7.05.
Several brokerages have weighed in on FBP. Zacks Investment Research raised First BanCorp. from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a report on Monday, June 19th. BidaskClub upgraded First BanCorp. from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $7.00.
In other news, insider Oaktree Fund Gp, Llc sold 10,000,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $5.66, for a total value of $56,600,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 21.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in First BanCorp. by 65,217.2% in the first quarter. BlackRock Inc. now owns 17,612,789 shares of the bank’s stock valued at $99,514,000 after buying an additional 17,585,824 shares during the last quarter. Wellington Management Group LLP increased its position in First BanCorp. by 90.5% in the first quarter. Wellington Management Group LLP now owns 8,417,543 shares of the bank’s stock valued at $47,559,000 after buying an additional 3,999,151 shares during the last quarter. Vanguard Group Inc. increased its position in First BanCorp. by 27.6% in the first quarter. Vanguard Group Inc. now owns 14,585,667 shares of the bank’s stock valued at $82,408,000 after buying an additional 3,151,932 shares during the last quarter. State Street Corp boosted its stake in First BanCorp. by 68.8% in the first quarter. State Street Corp now owns 5,827,914 shares of the bank’s stock worth $32,935,000 after buying an additional 2,376,148 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in First BanCorp. by 21.8% in the first quarter. Dimensional Fund Advisors LP now owns 9,289,692 shares of the bank’s stock worth $52,486,000 after buying an additional 1,661,263 shares during the period. 86.06% of the stock is currently owned by hedge funds and other institutional investors.
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About First BanCorp.
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