Fox Run Management L.L.C. Has $247,000 Stock Holdings in First BanCorp. $FBP

Fox Run Management L.L.C. trimmed its position in shares of First BanCorp. (NYSE:FBP) by 44.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,869 shares of the bank’s stock after selling 9,641 shares during the period. Fox Run Management L.L.C.’s holdings in First BanCorp. were worth $247,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Xponance Inc. grew its holdings in shares of First BanCorp. by 5.0% during the 1st quarter. Xponance Inc. now owns 12,191 shares of the bank’s stock worth $234,000 after purchasing an additional 584 shares in the last quarter. Covestor Ltd lifted 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 purchasing an additional 711 shares during the period. SummerHaven Investment Management LLC boosted its stake in First BanCorp. by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 43,294 shares of the bank’s stock worth $902,000 after buying an additional 767 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in First BanCorp. by 2.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 29,978 shares of the bank’s stock valued at $575,000 after buying an additional 802 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in First BanCorp. by 1.7% in the 1st quarter. Allianz Asset Management GmbH now owns 50,400 shares of the bank’s stock valued at $966,000 after buying an additional 832 shares during the period. 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.

Wall Street Analysts Forecast Growth

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

First BanCorp. Stock Performance

NYSE:FBP opened at $20.28 on Friday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 9.84, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. 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 1 year low of $16.40 and a 1 year high of $22.60. The firm has a 50 day moving average of $21.12 and a 200-day moving average of $20.97.

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

First BanCorp. Cuts Dividend

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

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.