First BanCorp. $FBP Stake Lessened by Tudor Investment Corp ET AL

Tudor Investment Corp ET AL decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 37.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 457,398 shares of the bank’s stock after selling 273,348 shares during the quarter. Tudor Investment Corp ET AL’s holdings in First BanCorp. were worth $10,086,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Choreo LLC boosted its position in First BanCorp. by 4.7% during the 2nd quarter. Choreo LLC now owns 11,061 shares of the bank’s stock worth $230,000 after acquiring an additional 499 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of First BanCorp. by 4.1% during the third quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank’s stock worth $287,000 after purchasing an additional 508 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of First BanCorp. by 5.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock worth $234,000 after purchasing an additional 526 shares during the period. California State Teachers Retirement System grew its position in First BanCorp. by 0.4% during the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank’s stock valued at $3,151,000 after purchasing an additional 529 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in First BanCorp. by 4.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank’s stock valued at $313,000 after buying an additional 557 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FBP shares. Piper Sandler reissued a “neutral” rating and set a $24.00 target price (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Truist Financial lifted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Hovde Group increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research note on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.58.

Insider Activity

In other news, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This trade represents a 35.16% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $20.56 on Monday. The business’s 50-day simple moving average is $21.65 and its 200-day simple moving average is $21.19. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 9.56, a P/E/G ratio of 1.28 and a beta of 0.87.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The company had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same quarter last year, the company posted $0.46 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, February 26th were paid a $0.20 dividend. The ex-dividend date was Thursday, February 26th. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.9%. First BanCorp.’s dividend payout ratio is presently 37.21%.

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.