UBS Group AG Lowers Stock Holdings in First BanCorp. $FBP

UBS Group AG trimmed its stake in First BanCorp. (NYSE:FBP) by 39.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 693,892 shares of the bank’s stock after selling 449,363 shares during the period. UBS Group AG’s holdings in First BanCorp. were worth $14,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the period. First Horizon Corp purchased a new stake in shares of First BanCorp. in the 4th quarter worth approximately $40,000. Hantz Financial Services Inc. lifted its position in shares of First BanCorp. by 1,695.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after purchasing an additional 2,035 shares during the period. Jones Financial Companies Lllp lifted its position in shares of 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 period. Finally, Covestor Ltd lifted its position in shares of First BanCorp. by 56.7% in the 3rd quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock worth $67,000 after purchasing an additional 1,104 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Trading Down 1.2%

NYSE:FBP opened at $23.08 on Thursday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $24.57. The firm has a 50 day moving average of $22.20 and a 200 day moving average of $21.47. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 10.26, a PEG ratio of 1.40 and a beta of 0.84.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. The company had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. First BanCorp.’s dividend payout ratio is presently 35.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FBP shares. Wells Fargo & Company upped their price target on shares of First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Piper Sandler upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Truist Financial upped their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Raymond James Financial raised shares of First BanCorp. from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $26.00 to $27.00 in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $25.86.

About First BanCorp.

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.