First BanCorp. (NYSE:FBP) Holdings Trimmed by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lowered its position in shares of First BanCorp. (NYSE:FBP) by 1.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,787,178 shares of the bank’s stock after selling 125,128 shares during the quarter. Dimensional Fund Advisors LP owned 5.88% of First BanCorp. worth $179,005,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after buying an additional 448,845 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in shares of First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after purchasing an additional 116,642 shares during the period. Norges Bank acquired a new position in shares of First BanCorp. in the 4th quarter valued at $32,590,000. Goldman Sachs Group Inc. boosted its position in shares of First BanCorp. by 6.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after purchasing an additional 110,797 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of First BanCorp. by 5.6% in the 4th quarter. First Trust Advisors LP now owns 1,681,979 shares of the bank’s stock valued at $27,669,000 after purchasing an additional 89,837 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Activity at First BanCorp.

In related news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,452 shares of company stock valued at $1,790,066. Corporate insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

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

First BanCorp. Stock Up 1.7 %

FBP opened at $21.01 on Friday. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The business has a 50-day moving average of $20.63 and a 200-day moving average of $18.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The company has a market capitalization of $3.50 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.38 and a beta of 1.10.

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

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Thursday, August 29th. First BanCorp.’s payout ratio is 36.57%.

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.