VIRGINIA RETIREMENT SYSTEMS ET Al Has $1.61 Million Stock Position in First BanCorp. $FBP

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its stake in shares of First BanCorp. (NYSE:FBP) by 37.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,850 shares of the bank’s stock after selling 45,750 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in First BanCorp. were worth $1,614,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares in the last quarter. First Horizon Corp bought a new stake in First BanCorp. during the 4th quarter worth about $40,000. Hantz Financial Services Inc. lifted its position in First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after purchasing an additional 2,035 shares during the period. Jones Financial Companies Lllp lifted its position in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares during the period. Finally, Covestor Ltd lifted its position in First BanCorp. by 56.7% during the 3rd quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after purchasing an additional 1,104 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP stock opened at $23.26 on Friday. The stock has a 50-day moving average of $22.28 and a 200-day moving average of $21.51. First BanCorp. has a one year low of $19.16 and a one year high of $24.57. 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 stock has a market cap of $3.60 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 1.40 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) 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 business had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. During the same period in the prior year, the business earned $0.47 EPS. As a group, sell-side analysts expect that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.’s dividend payout ratio is presently 35.56%.

Analysts Set New Price Targets

A number of research analysts have issued reports on FBP shares. Piper Sandler upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Wells Fargo & Company upped their target price 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. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Finally, Truist Financial upped their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.86.

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.