Geode Capital Management LLC Decreases Stock Position in First BanCorp. $FBP

Geode Capital Management LLC cut its stake in First BanCorp. (NYSE:FBP) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,632,243 shares of the bank’s stock after selling 30,604 shares during the period. Geode Capital Management LLC owned about 2.93% of First BanCorp. worth $96,038,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in First BanCorp. by 14.4% in the third quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after buying an additional 114,931 shares in the last quarter. Citigroup Inc. raised its stake in First BanCorp. by 48.3% in the third quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after buying an additional 131,293 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of First BanCorp. by 11.7% during the third quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock worth $15,387,000 after purchasing an additional 73,168 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of First BanCorp. by 176.1% during the third quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock worth $18,123,000 after purchasing an additional 524,256 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of First BanCorp. during the fourth quarter worth about $1,874,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Up 0.1%

FBP opened at $24.31 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day simple moving average of $23.29 and a 200-day simple moving average of $21.94. The stock has a market capitalization of $3.76 billion, a P/E ratio of 10.81, a P/E/G ratio of 1.46 and a beta of 0.83. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $24.64.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating the consensus estimate of $0.52 by $0.05. The business had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period last year, the firm earned $0.47 EPS. On average, equities analysts anticipate that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Thursday, May 28th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is currently 35.56%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial lifted their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. Piper Sandler lifted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Buy” and an average price target of $25.86.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.