ProShare Advisors LLC Cuts Holdings in First BanCorp. (NYSE:FBP)

ProShare Advisors LLC cut its holdings in First BanCorp. (NYSE:FBP) by 23.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,684 shares of the bank’s stock after selling 8,024 shares during the quarter. ProShare Advisors LLC’s holdings in First BanCorp. were worth $470,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FBP. Neo Ivy Capital Management acquired a new stake in First BanCorp. in the fourth quarter valued at $36,000. SageView Advisory Group LLC purchased a new position in shares of First BanCorp. in the 1st quarter valued at about $110,000. Perkins Coie Trust Co acquired a new stake in shares of First BanCorp. in the second quarter valued at about $146,000. Choreo LLC purchased a new stake in First BanCorp. during the second quarter worth about $207,000. Finally, Bailard Inc. acquired a new position in First BanCorp. during the second quarter worth about $216,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.4 %

Shares of First BanCorp. stock opened at $21.17 on Tuesday. First BanCorp. has a 1 year low of $12.72 and a 1 year high of $22.12. 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 has a 50 day moving average price of $20.69 and a 200 day moving average price of $18.75. The company has a market capitalization of $3.52 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.45 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share 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 during the quarter, compared to analysts’ expectations of $230.26 million. During the same period in the previous year, the firm posted $0.37 earnings per share. Sell-side analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

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

Insider Buying and Selling at First BanCorp.

In other news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the sale, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related 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 transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Donald Kafka sold 50,000 shares of First BanCorp. 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 completion of the sale, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,452 shares of company stock worth $1,790,066. Corporate insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FBP. Wells Fargo & Company lifted their price target 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. Piper Sandler assumed coverage on First BanCorp. in a report on Monday, August 26th. They set a “neutral” rating and a $22.00 price objective for the company. Raymond James began coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Hovde Group raised their price target on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

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.