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Geode Capital Management LLC lowered its position in First BanCorp. (NYSE:FBP – Free Report) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,632,243 shares of the bank’s stock after selling 30,604 shares during the period. Geode Capital Management LLC’s holdings in First BanCorp. were worth $96,038,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Hantz Financial Services Inc. grew its holdings in shares of First BanCorp. by 210.9% in the 4th quarter. Hantz Financial Services Inc. now owns 6,700 shares of the bank’s stock worth $139,000 after acquiring an additional 4,545 shares during the period. Covestor Ltd grew its holdings in shares of First BanCorp. by 37.6% in the 4th quarter. Covestor Ltd now owns 4,199 shares of the bank’s stock worth $87,000 after acquiring an additional 1,147 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of First BanCorp. by 147.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank’s stock worth $7,667,000 after acquiring an additional 220,318 shares during the period. Rock Point Advisors LLC grew its holdings in shares of First BanCorp. by 12.2% in the 4th quarter. Rock Point Advisors LLC now owns 360,611 shares of the bank’s stock worth $7,475,000 after acquiring an additional 39,165 shares during the period. Finally, Versor Investments LP acquired a new stake in shares of First BanCorp. in the 4th quarter worth approximately $481,000. Institutional investors and hedge funds own 97.91% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on FBP. Truist Financial upped their price target on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Wells Fargo & Company upped their price target on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Finally, Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $26.00 to $27.00 in a research note on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, First BanCorp. has an average rating of “Buy” and a consensus price target of $25.86.
First BanCorp. Trading Up 0.1%
Shares of First BanCorp. stock opened at $24.31 on Friday. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $24.64. The firm has a market cap of $3.76 billion, a PE ratio of 10.81, a P/E/G ratio of 1.46 and a beta of 0.83. The business’s fifty day moving average is $23.29 and its two-hundred day moving average is $21.94. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.
First BanCorp. (NYSE:FBP – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share 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 company had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same quarter in the prior year, the company posted $0.47 EPS. Analysts anticipate that First BanCorp. will post 2.25 earnings per share for the current year.
First BanCorp. Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Thursday, May 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s dividend payout ratio is presently 35.56%.
About First BanCorp.
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.
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