AQR Capital Management LLC Has $1.32 Million Stock Holdings in First BanCorp. (NYSE:FBP)

AQR Capital Management LLC increased its stake in shares of First BanCorp. (NYSE:FBP) by 33.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,930 shares of the bank’s stock after buying an additional 17,939 shares during the quarter. AQR Capital Management LLC’s holdings in First BanCorp. were worth $1,316,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. O Shaughnessy Asset Management LLC boosted its stake in shares of First BanCorp. by 69.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 31,692 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in First BanCorp. by 239.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock worth $1,686,000 after purchasing an additional 67,844 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in First BanCorp. by 6.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after purchasing an additional 110,797 shares during the last quarter. Wellington Management Group LLP raised its position in shares of First BanCorp. by 2,172.9% in the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new position in First BanCorp. in the 1st quarter worth about $16,719,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Up 0.4 %

FBP stock opened at $20.35 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.45 and a beta of 1.10. The business’s 50-day moving average is $20.48 and its two-hundred day moving average is $18.94.

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

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Thursday, August 29th. First BanCorp.’s payout ratio is 36.57%.

Insider Activity

In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction 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 owns 174,589 shares of the company’s stock, valued at $3,807,786.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the sale, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FBP shares. Wells Fargo & Company boosted their price objective on First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Raymond James began coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock. Piper Sandler began coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Finally, Hovde Group lifted their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $22.20.

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.