Versor Investments LP Has $190,000 Position in First BanCorp. (NYSE:FBP)

Versor Investments LP lessened its holdings in First BanCorp. (NYSE:FBP) by 77.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,377 shares of the bank’s stock after selling 36,323 shares during the quarter. Versor Investments LP’s holdings in First BanCorp. were worth $190,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Securities Inc. bought a new stake in shares of First BanCorp. in the 4th quarter valued at about $362,000. Dimensional Fund Advisors LP boosted its holdings in First BanCorp. by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock valued at $166,095,000 after acquiring an additional 65,021 shares during the last quarter. Navellier & Associates Inc. boosted its holdings in First BanCorp. by 25.4% in the fourth quarter. Navellier & Associates Inc. now owns 30,199 shares of the bank’s stock valued at $497,000 after acquiring an additional 6,114 shares during the last quarter. Private Wealth Management Group LLC bought a new position in First BanCorp. during the 4th quarter worth approximately $26,000. Finally, Norges Bank acquired a new position in shares of First BanCorp. in the 4th quarter worth approximately $32,590,000. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now directly owns 89,420 shares in the company, valued at approximately $1,935,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now owns 89,420 shares in the company, valued at $1,935,943. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FBP. Wells Fargo & Company lifted their target price on shares of First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Raymond James began coverage on First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Piper Sandler initiated coverage on shares of First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 target price on the stock. Finally, Hovde Group upped their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.83.

First BanCorp. Trading Down 2.6 %

NYSE FBP opened at $20.36 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The business has a fifty day simple moving average of $20.26 and a 200 day simple moving average of $18.34. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12. The firm has a market capitalization of $3.39 billion, a P/E ratio of 11.63, a PEG ratio of 1.50 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the company posted $0.37 earnings per share. On average, analysts predict that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.14%. First BanCorp.’s payout ratio is currently 36.57%.

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.