State of Alaska Department of Revenue Sells 4,183 Shares of First BanCorp. (NYSE:FBP)

State of Alaska Department of Revenue reduced its stake in First BanCorp. (NYSE:FBP) by 4.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,923 shares of the bank’s stock after selling 4,183 shares during the period. State of Alaska Department of Revenue owned 0.06% of First BanCorp. worth $1,967,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets boosted its holdings in First BanCorp. by 32.1% during the first quarter. BNP Paribas Financial Markets now owns 83,693 shares of the bank’s stock worth $1,468,000 after buying an additional 20,338 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First BanCorp. in the first quarter worth $611,000. Gallacher Capital Management LLC grew its holdings in shares of First BanCorp. by 43.7% in the 1st quarter. Gallacher Capital Management LLC now owns 30,645 shares of the bank’s stock valued at $538,000 after buying an additional 9,322 shares during the period. LSV Asset Management increased its position in shares of First BanCorp. by 18.7% in the 1st quarter. LSV Asset Management now owns 1,318,399 shares of the bank’s stock valued at $23,125,000 after buying an additional 207,510 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of First BanCorp. by 63.9% in the 1st quarter. SG Americas Securities LLC now owns 26,182 shares of the bank’s stock valued at $459,000 after buying an additional 10,204 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on FBP. Raymond James initiated coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company. Piper Sandler reduced their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Hovde Group dropped their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wells Fargo & Company cut their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Trading Up 0.1 %

First BanCorp. stock opened at $19.31 on Friday. First BanCorp. has a one year low of $13.66 and a one year high of $22.12. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.66 and a beta of 1.10. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50-day moving average of $20.51 and a 200-day moving average of $19.26.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, equities analysts expect that First BanCorp. will post 1.75 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.32%. First BanCorp.’s dividend payout ratio is 35.36%.

Insider Activity

In related news, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the transaction, the executive vice president now directly owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.50% of the company’s stock.

First BanCorp. Profile

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.