Arizona State Retirement System Sells 767 Shares of First BanCorp. (NYSE:FBP)

Arizona State Retirement System cut its holdings in First BanCorp. (NYSE:FBP) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,654 shares of the bank’s stock after selling 767 shares during the period. Arizona State Retirement System’s holdings in First BanCorp. were worth $853,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Private Wealth Management Group LLC purchased a new stake in First BanCorp. during the 4th quarter valued at about $26,000. Neo Ivy Capital Management bought a new position in shares of First BanCorp. in the fourth quarter worth approximately $36,000. SageView Advisory Group LLC purchased a new position in shares of First BanCorp. in the first quarter worth $110,000. Perkins Coie Trust Co bought a new stake in First BanCorp. during the 2nd quarter valued at $146,000. Finally, Bailard Inc. purchased a new stake in First BanCorp. during the 2nd quarter valued at $216,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Trading Up 1.7 %

FBP opened at $20.24 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The stock has a market cap of $3.32 billion, a PE ratio of 11.57, a PEG ratio of 1.38 and a beta of 1.10. The business has a 50 day moving average of $20.44 and a 200-day moving average of $18.48.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.46 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 firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. During the same quarter in the previous year, the business posted $0.37 EPS. Equities research analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Analyst Upgrades and Downgrades

FBP has been the subject of several recent analyst reports. Raymond James assumed coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective for the company. Hovde Group increased their price objective on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company boosted their target price on First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler assumed coverage on shares of First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Michael Mcdonald sold 1,944 shares of the company’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 transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction 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 completion of the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,452 shares of company stock valued at $1,790,066. Insiders own 2.50% of the company’s stock.

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.