First BanCorp. (NYSE:FBP) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its position in shares of First BanCorp. (NYSE:FBP) by 78.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 153,675 shares of the bank’s stock after selling 561,392 shares during the quarter. Millennium Management LLC’s holdings in First BanCorp. were worth $2,811,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBP. O Shaughnessy Asset Management LLC grew its holdings in First BanCorp. by 69.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock valued at $1,359,000 after buying an additional 31,692 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of First BanCorp. by 239.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after purchasing an additional 67,844 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of First BanCorp. by 6.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after purchasing an additional 110,797 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of First BanCorp. by 2,172.9% in the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of First BanCorp. in the 1st quarter valued at about $16,719,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Piper Sandler assumed coverage on First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target for the company. Wells Fargo & Company raised their price target on First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Hovde Group raised their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Raymond James assumed coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $22.20.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Stock Up 1.1 %

Shares of FBP opened at $21.17 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The business’s 50 day simple moving average is $20.49 and its 200-day simple moving average is $19.00. First BanCorp. has a one year low of $12.72 and a one year high of $22.12. The company has a market capitalization of $3.52 billion, a P/E ratio of 12.12, a PEG ratio of 1.72 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company had revenue of $304.28 million during the quarter, compared to analysts’ expectations of $230.26 million. During the same quarter in the previous year, the company posted $0.37 EPS. As a group, sell-side analysts predict that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders 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 yield of 3.02%. First BanCorp.’s dividend payout ratio is currently 36.57%.

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.