Stieven Capital Advisors L.P. Sells 7,900 Shares of First BanCorp. (NYSE:FBP)

Stieven Capital Advisors L.P. decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 2.5% in the fourth quarter, HoldingsChannel reports. The fund owned 310,310 shares of the bank’s stock after selling 7,900 shares during the quarter. Stieven Capital Advisors L.P.’s holdings in First BanCorp. were worth $5,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after buying an additional 542 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after acquiring an additional 544 shares in the last quarter. Gladius Capital Management LP bought a new stake in First BanCorp. during the 3rd quarter worth approximately $25,000. Pathstone Holdings LLC raised its stake in First BanCorp. by 0.9% during the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after acquiring an additional 1,435 shares during the period. Finally, R Squared Ltd purchased a new position in First BanCorp. during the fourth quarter valued at approximately $28,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First BanCorp.

In related news, EVP Carlos Power sold 45,797 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the transaction, the executive vice president now owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. This trade represents a 19.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is currently owned by insiders.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $20.39 on Friday. The company has a market cap of $3.34 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.41 and a beta of 1.14. First BanCorp. has a 52-week low of $16.24 and a 52-week high of $22.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm’s fifty day moving average is $19.62 and its two-hundred day moving average is $20.22.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same period in the previous year, the business earned $0.46 EPS. As a group, analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a dividend of $0.18 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Friday, February 21st. First BanCorp.’s dividend payout ratio is currently 35.36%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FBP shares. Hovde Group reduced 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. Piper Sandler cut their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Wells Fargo & Company lowered their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.40.

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.