First BanCorp. $FBP Position Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,321 shares of the bank’s stock after selling 758 shares during the quarter. New York State Teachers Retirement System’s holdings in First BanCorp. were worth $1,506,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock worth $27,000 after acquiring an additional 703 shares during the period. GAMMA Investing LLC acquired a new position in shares of First BanCorp. during the second quarter valued at approximately $29,000. Jones Financial Companies Lllp increased its stake 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 acquiring an additional 2,262 shares during the period. Quarry LP grew its position in First BanCorp. by 191.2% in the first quarter. Quarry LP now owns 3,585 shares of the bank’s stock worth $69,000 after buying an additional 2,354 shares during the last quarter. Finally, Covestor Ltd grew its position in 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. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer owned 1,059,547 shares in the company, valued at $23,627,898.10. This represents a 4.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

First BanCorp. Stock Down 2.8%

Shares of FBP opened at $20.50 on Thursday. The company has a 50-day moving average price of $21.75 and a two-hundred day moving average price of $20.75. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.60. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.13 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The firm had revenue of $246.81 million during the quarter, compared to analyst estimates of $250.73 million. During the same period in the prior year, the company posted $0.46 earnings per share. Equities analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.18 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.72 annualized dividend and a yield of 3.5%. First BanCorp.’s payout ratio is presently 38.30%.

Analyst Ratings Changes

FBP has been the subject of a number of recent analyst reports. Truist Financial initiated coverage on shares of First BanCorp. in a research note on Thursday, October 9th. They issued a “buy” rating and a $25.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Finally, UBS Group set a $25.00 target price on shares of First BanCorp. in a report on Thursday, October 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.33.

About First BanCorp.

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.