First BanCorp. $FBP Shares Sold by Boston Partners

Boston Partners cut its holdings in First BanCorp. (NYSE:FBP) by 10.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 63,209 shares of the bank’s stock after selling 7,215 shares during the quarter. Boston Partners’ holdings in First BanCorp. were worth $1,317,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FBP. GAMMA Investing LLC purchased a new position in shares of First BanCorp. in the 2nd quarter valued at approximately $29,000. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the last quarter. Quarry LP increased its stake in First BanCorp. by 191.2% during the 1st quarter. Quarry LP now owns 3,585 shares of the bank’s stock valued at $69,000 after purchasing an additional 2,354 shares in the last quarter. Covestor Ltd raised its holdings in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock worth $83,000 after buying an additional 711 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of First BanCorp. by 93.4% in the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after buying an additional 2,567 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on FBP shares. Wells Fargo & Company cut their target price on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. UBS Group set a $25.00 price objective on First BanCorp. in a report on Thursday, October 9th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 target price (down previously from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Finally, Truist Financial dropped their target price on First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

First BanCorp. Stock Performance

NYSE FBP opened at $20.19 on Friday. The firm has a market capitalization of $3.19 billion, a P/E ratio of 9.80, a PEG ratio of 1.02 and a beta of 1.01. The stock has a 50-day simple moving average of $21.08 and a two-hundred day simple moving average of $20.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, October 23rd. The bank reported $0.51 EPS for the quarter, topping the consensus estimate of $0.48 by $0.03. The firm had revenue of $30.79 million for the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period last year, the company earned $0.45 earnings per share. On average, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.’s payout ratio is 34.95%.

Insider Buying and Selling at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at $23,627,898.10. The trade was a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

First BanCorp. Company Profile

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.