LSV Asset Management Decreases Stock Position in First BanCorp. $FBP

LSV Asset Management lessened its stake in First BanCorp. (NYSE:FBP) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,381,500 shares of the bank’s stock after selling 83,704 shares during the quarter. LSV Asset Management’s holdings in First BanCorp. were worth $28,638,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First BanCorp. by 5.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank’s stock valued at $234,000 after buying an additional 526 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of 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 buying an additional 529 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of First BanCorp. by 4.1% during 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 last quarter. Smartleaf Asset Management LLC boosted its stake in shares of First BanCorp. by 14.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank’s stock valued at $106,000 after buying an additional 605 shares during the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of First BanCorp. by 3.4% during the 3rd quarter. Alps Advisors Inc. now owns 20,951 shares of the bank’s stock valued at $462,000 after buying an additional 687 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $24.13 on Monday. First BanCorp. has a 1-year low of $19.16 and a 1-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 business’s fifty day moving average price is $22.62 and its two-hundred day moving average price is $21.67. The firm has a market capitalization of $3.73 billion, a PE ratio of 10.72, a P/E/G ratio of 1.44 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The firm had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same period last year, the company earned $0.47 earnings per share. On average, research analysts expect that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be given a $0.20 dividend. 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 dividend payout ratio (DPR) is currently 35.56%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FBP shares. Truist Financial increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company increased their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 23rd. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $26.00 to $27.00 in a research note on Monday, April 27th. Finally, Hovde Group increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.86.

First BanCorp. Company 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.