Verition Fund Management LLC Has $40.11 Million Holdings in First BanCorp. $FBP

Verition Fund Management LLC trimmed its holdings in shares of First BanCorp. (NYSE:FBP – Free Report) by 15.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,934,654 shares of the bank’s stock after selling 349,492 shares during the period. Verition Fund Management LLC’s holdings in First BanCorp. were worth $40,105,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after acquiring an additional 1,129 shares in the last quarter. First Horizon Corp acquired a new position in shares of First BanCorp. during the fourth quarter valued at about $40,000. Jones Financial Companies Lllp boosted its position in shares of 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 in the last quarter. State of Wyoming acquired a new stake in shares of First BanCorp. in the 4th quarter valued at about $64,000. Finally, Hillsdale Investment Management Inc. bought a new stake in First BanCorp. in the 4th quarter valued at about $74,000. Institutional investors own 97.91% of the company’s stock.

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First BanCorp. Price Performance

Shares of NYSE FBP opened at $25.49 on Monday. The company has a market capitalization of $3.94 billion, a PE ratio of 11.33, a PEG ratio of 1.53 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $23.67 and its 200-day moving average price is $22.14. First BanCorp. has a twelve month low of $19.16 and a twelve month high of $25.56.

First BanCorp. (NYSE:FBP – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The company had revenue of $258.64 million during the quarter, compared to the consensus estimate of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period last year, the business posted $0.47 earnings per share. On average, equities analysts anticipate that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Thursday, May 28th. First BanCorp.’s dividend payout ratio is 35.56%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FBP. Weiss Ratings raised First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Piper Sandler boosted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Finally, Raymond James Financial raised shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Two equities research 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, the company currently has an average rating of “Buy” and an average price target of $25.86.

Check Out Our Latest Research Report on FBP

First BanCorp. Company Profile

(Free Report)

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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