First BanCorp. $FBP Holdings Cut by Fox Run Management L.L.C.

Fox Run Management L.L.C. lowered its stake in shares of First BanCorp. (NYSE:FBP) by 44.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,869 shares of the bank’s stock after selling 9,641 shares during the period. Fox Run Management L.L.C.’s holdings in First BanCorp. were worth $247,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC acquired a new stake in First BanCorp. during the second quarter valued at $29,000. Jones Financial Companies Lllp increased its position in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the last quarter. Quarry LP raised its stake in shares of First BanCorp. by 191.2% during the 1st quarter. Quarry LP now owns 3,585 shares of the bank’s stock worth $69,000 after purchasing an additional 2,354 shares in the last quarter. Covestor Ltd lifted its holdings in shares of First BanCorp. by 19.6% during the 1st quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock valued at $83,000 after buying an additional 711 shares during the last quarter. Finally, CWM LLC grew its stake in shares of First BanCorp. by 93.4% in the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock valued at $111,000 after buying an additional 2,567 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FBP has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 price objective (down previously from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Wednesday, October 8th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Truist Financial cut their target price on First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, UBS Group set a $25.00 price target on First BanCorp. in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the sale, the chief executive officer directly owned 1,059,547 shares of the company’s stock, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

First BanCorp. Stock Performance

Shares of FBP opened at $20.28 on Friday. The company has a market capitalization of $3.25 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a one year low of $16.40 and a one year high of $22.60. The company’s fifty day moving average price is $21.12 and its 200 day moving average price is $20.97.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $30.79 million for the quarter, compared to the consensus estimate of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period last year, the business posted $0.45 earnings per share. As a group, analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.’s payout ratio is currently 34.95%.

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.