Corebridge Financial Inc. Trims Stock Position in First BanCorp. (NYSE:FBP)

Corebridge Financial Inc. trimmed its stake in First BanCorp. (NYSE:FBP) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,221 shares of the bank’s stock after selling 6,733 shares during the period. Corebridge Financial Inc. owned 0.05% of First BanCorp. worth $1,603,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of FBP. R Squared Ltd purchased a new stake in First BanCorp. in the fourth quarter worth about $28,000. Picton Mahoney Asset Management boosted its stake in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. grew its stake in shares of First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after buying an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in First BanCorp. in the 3rd quarter worth about $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in First BanCorp. by 394.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock worth $70,000 after buying an additional 3,032 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the transaction, the executive vice president now owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of several analyst reports. Keefe, Bruyette & Woods raised 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. Wells Fargo & Company decreased 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Stock Up 1.0 %

Shares of First BanCorp. stock opened at $19.38 on Thursday. First BanCorp. has a twelve month low of $16.25 and a twelve month high of $22.40. 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 company’s 50 day moving average is $19.57 and its 200 day moving average is $19.87. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 10.71, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 quarter in the previous year, the business posted $0.46 EPS. Research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.72%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is presently 39.78%.

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.