Mutual of America Capital Management LLC Reduces Position in First BanCorp. (NYSE:FBP)

Mutual of America Capital Management LLC decreased its holdings in First BanCorp. (NYSE:FBP) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,491 shares of the bank’s stock after selling 2,694 shares during the period. Mutual of America Capital Management LLC’s holdings in First BanCorp. were worth $518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Texas Permanent School Fund Corp boosted its holdings in 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 buying an additional 61,701 shares during the period. SG Americas Securities LLC lifted its position in shares of First BanCorp. by 131.4% during the second quarter. SG Americas Securities LLC now owns 60,595 shares of the bank’s stock worth $1,108,000 after acquiring an additional 34,413 shares in the last quarter. Inspire Investing LLC bought a new position in shares of First BanCorp. in the second quarter worth $810,000. Westover Capital Advisors LLC purchased a new position in shares of First BanCorp. in the second quarter valued at $616,000. Finally, Choreo LLC bought a new stake in shares of First BanCorp. during the 2nd quarter valued at $207,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Down 1.6 %

Shares of NYSE FBP opened at $21.26 on Wednesday. The business has a 50-day moving average of $20.53 and a 200-day moving average of $19.70. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.92 and a beta of 1.11. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. First BanCorp. has a 12 month low of $14.72 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 EPS. Sell-side analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 dividend on an annualized basis and a yield of 3.01%. First BanCorp.’s dividend payout ratio is presently 35.36%.

Insider Buying and Selling at First BanCorp.

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

Analysts Set New Price Targets

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

First BanCorp. Company 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.