Versor Investments LP Makes New $481,000 Investment in First BanCorp. $FBP

Versor Investments LP acquired a new position in shares of First BanCorp. (NYSE:FBP) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 23,200 shares of the bank’s stock, valued at approximately $481,000.

Several other large investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the period. First Horizon Corp purchased a new position in shares of First BanCorp. during the fourth quarter valued at approximately $40,000. Hantz Financial Services Inc. boosted its position in shares of First BanCorp. by 1,695.8% during the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after buying an additional 2,035 shares during the period. Jones Financial Companies Lllp boosted its position in shares of First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after buying an additional 2,262 shares during the period. Finally, Covestor Ltd boosted its position in shares of First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after buying an additional 1,104 shares during the period. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Performance

Shares of FBP stock opened at $23.36 on Friday. The business’s fifty day simple moving average is $22.24 and its 200-day simple moving average is $21.49. The company has a market cap of $3.61 billion, a PE ratio of 10.38, a PEG ratio of 1.38 and a beta of 0.84. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $24.57.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million for the quarter, compared to the consensus estimate of $263.54 million. During the same period in the prior year, the firm posted $0.47 earnings per share. Analysts expect that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.’s dividend payout ratio is presently 35.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FBP. Truist Financial boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Piper Sandler boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Tuesday, April 21st. Wells Fargo & Company boosted their price target on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Finally, Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $26.00 to $27.00 in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and a consensus target price of $25.86.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.