EMC Capital Management Sells 11,501 Shares of First BanCorp. $FBP

EMC Capital Management trimmed its holdings in First BanCorp. (NYSE:FBP) by 50.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,403 shares of the bank’s stock after selling 11,501 shares during the period. EMC Capital Management’s holdings in First BanCorp. were worth $238,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. CWM LLC boosted its position in First BanCorp. by 93.4% during the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after purchasing an additional 2,567 shares during the period. KLP Kapitalforvaltning AS raised its position in shares of First BanCorp. by 10.6% in the second quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the bank’s stock valued at $717,000 after purchasing an additional 3,300 shares during the period. Picton Mahoney Asset Management lifted its stake in shares of First BanCorp. by 3,703.7% during the 1st quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank’s stock worth $1,153,000 after buying an additional 58,519 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of First BanCorp. during the 2nd quarter worth about $29,000. Finally, Bayforest Capital Ltd bought a new stake in shares of First BanCorp. during the 2nd quarter worth about $291,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Trading Up 1.0%

Shares of FBP stock opened at $19.66 on Wednesday. The stock has a market cap of $3.10 billion, a P/E ratio of 9.54, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.60. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $20.99 and a 200 day simple moving average of $20.98.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. The firm had revenue of $30.79 million during the quarter, compared to analysts’ expectations of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period in the previous year, the firm earned $0.45 EPS. On average, research analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.72 annualized dividend and a yield of 3.7%. First BanCorp.’s dividend payout ratio is currently 34.95%.

Analysts Set New Price Targets

Several research firms have weighed in on FBP. UBS Group set a $25.00 price target on shares of First BanCorp. in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 target price (down previously from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Truist Financial reduced their price target on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, Wells Fargo & Company decreased their price objective on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Insider Transactions at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares of the company’s stock, valued at $23,627,898.10. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.