Public Employees Retirement Association of Colorado Sells 1,755 Shares of First BanCorp. (NYSE:FBP)

Public Employees Retirement Association of Colorado lessened its stake in First BanCorp. (NYSE:FBP) by 7.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,697 shares of the bank’s stock after selling 1,755 shares during the period. Public Employees Retirement Association of Colorado’s holdings in First BanCorp. were worth $379,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC bought a new stake in shares of First BanCorp. in the 2nd quarter worth approximately $1,490,000. Inspire Investing LLC bought a new position in First BanCorp. in the second quarter worth $810,000. Mercer Global Advisors Inc. ADV boosted its stake in First BanCorp. by 8.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock worth $217,000 after buying an additional 971 shares in the last quarter. Westover Capital Advisors LLC bought a new stake in First BanCorp. in the 2nd quarter valued at $616,000. Finally, Vest Financial LLC raised its stake in shares of First BanCorp. by 24.8% in the 2nd quarter. Vest Financial LLC now owns 62,772 shares of the bank’s stock valued at $1,148,000 after buying an additional 12,455 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the firm’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 value of $41,815.44. Following the completion of the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Michael Mcdonald sold 1,944 shares of the firm’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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,452 shares of company stock worth $1,790,066. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Down 0.6 %

Shares of FBP opened at $20.89 on Friday. The company has a market capitalization of $3.48 billion, a P/E ratio of 11.93, a PEG ratio of 1.45 and a beta of 1.10. First BanCorp. has a one year low of $12.72 and a one year high of $22.12. The business’s 50 day simple moving average is $20.68 and its 200-day simple moving average is $18.69. 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. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 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 company had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. During the same quarter in the previous year, the firm earned $0.37 earnings per share. 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 announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Thursday, August 29th. First BanCorp.’s dividend payout ratio is presently 36.57%.

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.