LSV Asset Management Lowers Holdings in First BanCorp. $FBP

LSV Asset Management reduced its stake in shares of First BanCorp. (NYSE:FBP) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,522,104 shares of the bank’s stock after selling 70,400 shares during the quarter. LSV Asset Management owned about 0.94% of First BanCorp. worth $31,705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of FBP. Wellington Management Group LLP bought a new position in shares of First BanCorp. during the first quarter worth $28,344,000. Nuveen LLC purchased a new stake in First BanCorp. in the 1st quarter worth $15,963,000. Millennium Management LLC boosted its holdings in shares of First BanCorp. by 61.2% during the 1st quarter. Millennium Management LLC now owns 1,528,642 shares of the bank’s stock valued at $29,304,000 after purchasing an additional 580,489 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in shares of First BanCorp. by 490.6% during the second quarter. Allianz Asset Management GmbH now owns 297,662 shares of the bank’s stock valued at $6,200,000 after purchasing an additional 247,262 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.0%

Shares of NYSE FBP opened at $19.66 on Wednesday. The stock has a market capitalization of $3.10 billion, a P/E ratio of 9.54, a PEG ratio of 1.02 and a beta of 1.01. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The business’s 50 day moving average is $20.99 and its two-hundred day moving average is $20.98. 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. (NYSE:FBP) last announced its earnings results on Thursday, October 23rd. The bank reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $30.79 million during the quarter, compared to analysts’ expectations of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same quarter in the previous year, the business earned $0.45 EPS. As a group, research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, November 28th. First BanCorp.’s dividend payout ratio (DPR) is 34.95%.

Insider Transactions at First BanCorp.

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

Wall Street Analyst Weigh In

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

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.