First BanCorp. (NYSE:FBP) Stock Position Lessened by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System reduced its stake in shares of First BanCorp. (NYSE:FBP) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,700 shares of the bank’s stock after selling 4,500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in First BanCorp. were worth $1,666,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FBP. Diversified Trust Co raised its position in shares of First BanCorp. by 136.1% during the 1st quarter. Diversified Trust Co now owns 27,479 shares of the bank’s stock worth $482,000 after buying an additional 15,839 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in First BanCorp. by 239.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock worth $1,686,000 after purchasing an additional 67,844 shares during the period. BNP Paribas Financial Markets increased its position in shares of First BanCorp. by 32.1% during the 1st quarter. BNP Paribas Financial Markets now owns 83,693 shares of the bank’s stock valued at $1,468,000 after purchasing an additional 20,338 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of First BanCorp. in the 1st quarter worth $611,000. Finally, Gallacher Capital Management LLC lifted its holdings in shares of First BanCorp. by 43.7% in the first quarter. Gallacher Capital Management LLC now owns 30,645 shares of the bank’s stock valued at $538,000 after buying an additional 9,322 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

FBP has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Raymond James initiated coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Piper Sandler decreased their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Finally, Hovde Group cut their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction dated 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 owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP opened at $19.43 on Thursday. The company has a 50-day moving average of $20.56 and a two-hundred day moving average of $19.26. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.74 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a one year low of $13.18 and a one year high of $22.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The firm had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, equities research analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.29%. First BanCorp.’s payout ratio is 36.57%.

First BanCorp. Company 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.