Choreo LLC Lowers Stock Holdings in First BanCorp. (NYSE:FBP)

Choreo LLC reduced its position in shares of First BanCorp. (NYSE:FBP) by 10.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,186 shares of the bank’s stock after selling 1,173 shares during the period. Choreo LLC’s holdings in First BanCorp. were worth $189,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FBP. State Street Corp grew its holdings in shares of First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after acquiring an additional 347,271 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of First BanCorp. during the fourth quarter worth about $4,792,000. Barclays PLC lifted its stake in shares of First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock valued at $7,779,000 after buying an additional 189,148 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in First BanCorp. during the third quarter worth approximately $2,607,000. Finally, Geode Capital Management LLC grew its stake in First BanCorp. by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after acquiring an additional 112,432 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Price Performance

FBP stock opened at $20.39 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. The stock’s 50 day moving average is $19.62 and its two-hundred day moving average is $20.22. The company has a market capitalization of $3.34 billion, a PE ratio of 11.26, a P/E/G ratio of 1.41 and a beta of 1.14. First BanCorp. has a 52-week low of $16.24 and a 52-week high of $22.40.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the previous year, the business earned $0.46 EPS. Analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a dividend of $0.18 per share. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.53%. First BanCorp.’s dividend payout ratio is 35.36%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FBP shares. Wells Fargo & Company cut their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on shares of 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 dropped their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Piper Sandler cut their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

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.