LSV Asset Management Lowers Stock Holdings in First BanCorp. $FBP

LSV Asset Management lowered its position in First BanCorp. (NYSE:FBP) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,522,104 shares of the bank’s stock after selling 70,400 shares during the quarter. LSV Asset Management’s holdings in First BanCorp. were worth $31,705,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FBP. American Century Companies Inc. raised its stake in First BanCorp. by 3.0% in the first quarter. American Century Companies Inc. now owns 6,925,748 shares of the bank’s stock worth $132,767,000 after buying an additional 201,674 shares in the last quarter. Alliancebernstein L.P. grew its position in First BanCorp. by 0.7% during the 1st quarter. Alliancebernstein L.P. now owns 6,508,647 shares of the bank’s stock worth $124,771,000 after purchasing an additional 48,301 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in First BanCorp. by 3.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,770,605 shares of the bank’s stock worth $53,113,000 after acquiring an additional 85,017 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of First BanCorp. by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 1,845,708 shares of the bank’s stock worth $38,446,000 after purchasing an additional 6,006 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in First BanCorp. by 1.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,761,893 shares of the bank’s stock valued at $33,775,000 after acquiring an additional 24,925 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Up 1.0%

Shares of FBP opened at $19.66 on Wednesday. The company’s 50-day moving average price is $20.99 and its 200 day moving average price is $20.98. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60. The firm has a market cap of $3.10 billion, a P/E ratio of 9.54, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01.

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

First BanCorp. Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.’s dividend payout ratio is currently 34.95%.

Insider Buying and Selling

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction that occurred 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 owned 1,059,547 shares of the company’s stock, valued at $23,627,898.10. This trade represents a 4.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

First BanCorp. 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.