Los Angeles Capital Management LLC Cuts Holdings in First BanCorp. (NYSE:FBP)

Los Angeles Capital Management LLC trimmed its position in First BanCorp. (NYSE:FBP) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,475 shares of the bank’s stock after selling 565 shares during the quarter. Los Angeles Capital Management LLC’s holdings in First BanCorp. were worth $1,174,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of FBP. Blue Trust Inc. lifted its position in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the last quarter. CWM LLC raised its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares during the last quarter. USA Financial Formulas lifted its position in First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after acquiring an additional 2,234 shares during the period. SageView Advisory Group LLC acquired a new stake in shares of First BanCorp. during the first quarter worth $110,000. Finally, Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. in the second quarter valued at about $146,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First BanCorp.

In other news, EVP Michael Mcdonald sold 1,944 shares of the 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 completion of the sale, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,556 shares of company stock worth $736,365. Company insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.92 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 1.96 and a beta of 1.11. First BanCorp. has a one year low of $14.72 and a one year high of $22.40. The company has a 50 day moving average price of $20.41 and a 200 day moving average price of $19.51.

First BanCorp. (NYSE:FBP) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The business had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. During the same period last year, the company posted $0.46 EPS. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Sell-side analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Analyst Ratings Changes

A number of research firms recently weighed in on FBP. Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 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 note on Friday, October 25th. Finally, Wells Fargo & Company cut their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.40.

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.