Los Angeles Capital Management LLC Decreases Stake in First BanCorp. (NYSE:FBP)

Los Angeles Capital Management LLC trimmed its holdings in shares of First BanCorp. (NYSE:FBP) by 1.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,475 shares of the bank’s stock after selling 565 shares during the quarter. Los Angeles Capital Management LLC’s holdings in First BanCorp. were worth $1,174,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. O Shaughnessy Asset Management LLC increased its holdings in First BanCorp. by 69.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock worth $1,359,000 after purchasing an additional 31,692 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in First BanCorp. during the 1st quarter worth $16,719,000. Texas Permanent School Fund Corp increased its position in shares of First BanCorp. by 41.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank’s stock worth $3,824,000 after purchasing an additional 61,701 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of First BanCorp. by 131.4% in the 2nd quarter. SG Americas Securities LLC now owns 60,595 shares of the bank’s stock valued at $1,108,000 after purchasing an additional 34,413 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of First BanCorp. by 9.9% during the first quarter. Russell Investments Group Ltd. now owns 676,817 shares of the bank’s stock worth $11,871,000 after purchasing an additional 60,844 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First BanCorp.

In other news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. This represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,556 shares of company stock valued at $736,365. 2.50% of the stock is owned by corporate insiders.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $20.92 on Friday. First BanCorp. has a one year low of $14.72 and a one year high of $22.40. The company has a market capitalization of $3.43 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.96 and a beta of 1.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day moving average of $20.41 and a 200-day moving average of $19.51.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The firm had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same period in the previous year, the company posted $0.46 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, equities analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. First BanCorp.’s payout ratio is 35.36%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FBP. Hovde Group decreased their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wells Fargo & Company decreased their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, Piper Sandler lowered their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note 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 stock. Based on data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

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.