Yousif Capital Management LLC Has $1.15 Million Position in First BanCorp. (NYSE:FBP)

Yousif Capital Management LLC cut its position in First BanCorp. (NYSE:FBP) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,731 shares of the bank’s stock after selling 1,181 shares during the quarter. Yousif Capital Management LLC’s holdings in First BanCorp. were worth $1,148,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gladius Capital Management LP bought a new stake in shares of First BanCorp. in the third quarter valued at about $25,000. R Squared Ltd acquired a new stake in First BanCorp. in the 4th quarter worth about $28,000. Blue Trust Inc. boosted its holdings in First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC boosted its holdings in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of First BanCorp. during the 3rd quarter worth approximately $66,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.44 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. First BanCorp. has a 52 week low of $16.24 and a 52 week high of $22.40. The firm has a 50 day moving average of $19.63 and a 200-day moving average of $20.24. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same period in the previous year, the firm earned $0.46 earnings per share. On average, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.52%. First BanCorp.’s payout ratio is 35.36%.

Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the sale, the executive vice president now directly owns 186,543 shares of the company’s stock, valued at $3,874,498.11. This represents a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company cut their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Hovde Group decreased their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Piper Sandler dropped their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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.