EVP and CRO RIVERA NAYDA sold 20,000 shares of First BanCorp. [FBP]


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. First BanCorp. shares valued at $316,238 were sold by RIVERA NAYDA on Nov 10. At $15.81 per share, RIVERA NAYDA sold 20,000 shares. The insider’s holdings dropped to 231,948 shares worth approximately $3.27 million following the completion of this transaction.

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Also, Frye Daniel Edward sold 3,041 shares, netting a total of over 48,169 in proceeds. Following the sale of shares at $15.84 each, the insider now holds 20,741 shares.

Before that, ALEMAN AURELIO had sold 4,751 shares from its account. In a trade valued at $71,893, the President and CEO traded First BanCorp. shares for $15.13 each. Upon closing the transaction, the insider’s holdings decreased to 4,751 shares, worth approximately $15.03 million.

As published in a research note from Wells Fargo on December 15, 2022, First BanCorp. [FBP] has been rated down from an Overweight to an Equal weight and the price target has been revised to $14 from $17. This represents a -0.57% premium over Thursday’s closing price. As of December 20, 2021, Hovde Group has initiated its “an Outperform” rating for FBP. Earlier on November 09, 2021, Wells Fargo initiated its rating. Their recommendation was “an Overweight” for FBP stock.

Analyzing FBP Stock Performance

On Thursday, First BanCorp. [NYSE: FBP] plunged -2.22% to $14.08. The stock’s lowest price that day was $13.97, but it reached a high of $14.2875 in the same session. During the last five days, there has been a drop of approximately -1.74%. Over the course of the year, First BanCorp. shares have jumped approximately 10.69%. Shares of the company reached a 52-week high of $14.63 on 02/28/23 and a 52-week low of $12.56 on 01/05/23. A 50-day SMA is recorded $13.55, while a 200-day SMA reached $14.28. Nevertheless, trading volume fell to 0.81 million shares from 1.4 million shares the previous day.

Support And Resistance Levels for First BanCorp. (FBP)

According to the 24-hour chart, there is a support level at 13.94, which, if violated, would cause prices to drop to 13.80. In the upper region, resistance lies at 14.26. The next price resistance is at 14.43. RSI (Relative Strength Index) is 49.66 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.01, which suggests the price will decrease in the coming days. Percent R is at 83.40%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is First BanCorp. subject to short interest?

Stocks of First BanCorp. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.65 million shares to 4.24 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 4.89 million shares. A decline of -15.33% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.31 of the overall float, the days-to-cover ratio (short ratio) decline to 3.31.

Which companies own the most shares of First BanCorp. (FBP)?

According to BlackRock Fund Advisors filings, the company currently owns 25,765,023 shares, which is about 13.96% of the total FBP shares outstanding. The investor’s shares have plunged by -1,281,193 from its previous 13-F filing of 27046216.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $315,480,362. Dimensional Fund Advisors LP reduced a -3.61% interest valued at $184.46 million while AllianceBernstein LP sold a -71,021 stake. A total of -649,204 shares of First BanCorp. were sold by American Century Investment Manag during the quarter, and -1,203,573 were sold by SSgA Funds Management, Inc. In its current portfolio, Fidelity Management & Research Co holds 7,165,725 shares valued at $96.38 million.

In terms of First BanCorp. share price expectations, FactSet research, analysts set an average price target of $15.80 in the next 12 months, up nearly 11.11% from the previous closing price of $14.40. Analysts anticipate First BanCorp. stock to reach $17.00 by 2023, with the lowest price target being $14.00. In spite of this, 5 analysts ranked First BanCorp. stock as a Buy at the end of 2023.


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