First BanCorp. (NYSE:FBP) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its position in First BanCorp. (NYSE:FBP) by 5.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,911 shares of the bank’s stock after selling 9,435 shares during the period. Thrivent Financial for Lutherans’ holdings in First BanCorp. were worth $2,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in FBP. Neo Ivy Capital Management acquired a new stake in First BanCorp. during the 4th quarter worth $36,000. SageView Advisory Group LLC purchased a new position in shares of First BanCorp. in the first quarter worth about $110,000. Perkins Coie Trust Co acquired a new position in First BanCorp. during the second quarter worth about $146,000. Choreo LLC purchased a new stake in First BanCorp. during the 2nd quarter valued at about $207,000. Finally, Bailard Inc. acquired a new stake in First BanCorp. in the 2nd quarter valued at about $216,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

FBP stock opened at $21.17 on Tuesday. First BanCorp. has a 52-week low of $12.72 and a 52-week high of $22.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. The business has a fifty day moving average of $20.69 and a two-hundred day moving average of $18.75.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. During the same period last year, the company earned $0.37 EPS. As a group, research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.02%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at approximately $3,807,786.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now owns 232,340 shares in the company, valued at $5,002,280.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,452 shares of company stock valued at $1,790,066. Company insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.