X Square Capital LLC Reduces Stock Position in First BanCorp. $FBP

X Square Capital LLC decreased its position in First BanCorp. (NYSE:FBP) by 64.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,096 shares of the bank’s stock after selling 172,813 shares during the quarter. X Square Capital LLC’s holdings in First BanCorp. were worth $1,951,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in shares of First BanCorp. by 151.7% in the 2nd 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. in the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. grew its position in shares of First BanCorp. by 1,695.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after acquiring an additional 2,035 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of First BanCorp. in the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Trading Up 0.8%

NYSE:FBP opened at $24.51 on Tuesday. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $24.73. The firm has a market capitalization of $3.79 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.46 and a beta of 0.83. 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 business has a 50 day simple moving average of $23.36 and a 200 day simple moving average of $21.99.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The firm had revenue of $258.64 million for 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 quarter in the previous year, the business earned $0.47 EPS. Equities research analysts predict that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.3%. First BanCorp.’s payout ratio is presently 35.56%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Truist Financial lifted their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $25.86.

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.