First BanCorp. $FBP Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its position in First BanCorp. (NYSE:FBP) by 78.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 148,817 shares of the bank’s stock after selling 528,381 shares during the period. Intech Investment Management LLC owned about 0.09% of First BanCorp. worth $3,085,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FBP. EverSource Wealth Advisors LLC boosted its holdings in 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 buying an additional 1,129 shares during the last quarter. First Horizon Corp acquired a new stake in First BanCorp. in the 4th quarter worth about $40,000. Hantz Financial Services Inc. boosted its holdings in 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 buying an additional 2,035 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of First BanCorp. by 37.6% during the 4th quarter. Covestor Ltd now owns 4,199 shares of the bank’s stock worth $87,000 after purchasing an additional 1,147 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FBP shares. Truist Financial boosted their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 18th. Piper Sandler boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Finally, Wells Fargo & Company boosted their target price on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.86.

First BanCorp. Stock Up 1.0%

Shares of NYSE FBP opened at $23.98 on Wednesday. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 1.42 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $24.64. The business’s 50 day moving average is $23.04 and its two-hundred day moving average is $21.85.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The company had revenue of $258.64 million for the quarter, compared to analyst estimates 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 company earned $0.47 earnings per share. Research analysts predict that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Announces Dividend

The company 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 dividend on an annualized basis and a yield of 3.3%. First BanCorp.’s payout ratio is presently 35.56%.

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.