First BanCorp. $FBP Stake Decreased by Renaissance Technologies LLC

Renaissance Technologies LLC cut its holdings in shares of First BanCorp. (NYSE:FBP) by 69.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,113 shares of the bank’s stock after selling 253,900 shares during the period. Renaissance Technologies LLC’s holdings in First BanCorp. were worth $2,416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. California State Teachers Retirement System raised its stake in First BanCorp. by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock valued at $3,151,000 after acquiring an additional 529 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after purchasing an additional 560 shares during the period. Measured Wealth Private Client Group LLC increased its holdings in shares of First BanCorp. by 1.9% during the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock valued at $769,000 after purchasing an additional 656 shares during the period. Baron Wealth Management LLC raised its stake in shares of First BanCorp. by 7.1% during the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,011 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Up 0.8%

FBP stock opened at $28.91 on Tuesday. The firm has a market cap of $4.47 billion, a PE ratio of 12.20, a P/E/G ratio of 1.54 and a beta of 0.81. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.42. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $26.75 and a 200 day simple moving average of $23.97.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The firm had revenue of $264.86 million for the quarter, compared to analyst estimates of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. Equities research analysts forecast that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. First BanCorp.’s payout ratio is 33.76%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a research report on Thursday, July 23rd. Raymond James Financial boosted their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 1st. Piper Sandler upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Finally, Wells Fargo & Company raised their price objective on shares of First BanCorp. from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $29.38.

First BanCorp. Profile

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.