During the fourth quarter, New York State Common Retirement Fund lowered its holdings in First BanCorp. (NYSE:FBP) by 2.2%, as reported by HoldingsChannel.com. The fund’s ownership of the bank’s stock decreased by 1,548 shares, leaving it with 68,500 shares by the end of the period, valued at $1,127,000.
Other hedge funds have also made adjustments to their stakes in the company. Advisor Partners II LLC increased its stake by 4.8% during the third quarter, now owning 17,010 shares valued at $229,000. Mackenzie Financial Corp raised its position by 8.1% in the fourth quarter, owning 12,511 shares valued at $206,000.
Navellier & Associates Inc. also grew its position by 5.8% during the third quarter, now owning 24,085 shares valued at $324,000. Strs Ohio increased its stake by 206.3% during the fourth quarter, now owning 4,900 shares valued at $80,000.
Lastly, Natixis Advisors L.P. lifted its holdings by 7.2% during the third quarter, now owning 49,653 shares valued at $668,000. Institutional investors and hedge funds now own 97.91% of the company’s stock.
In insider activity, EVP Nayda Rivera sold 15,000 shares of First BanCorp.’s stock on Tuesday, March 5th, at an average price of $17.12, totaling $256,800. Following this sale, Rivera now holds 246,930 shares directly, valued at approximately $4,227,441.60.
In a related transaction, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock on Tuesday, March 5th, at an average price of $17.17, totaling $858,500. Following this transaction, Aleman now holds 1,126,325 shares in the company, valued at approximately $19,339,000.25. Insiders have collectively sold 150,000 shares of company stock valued at $2,624,000 over the last 90 days.
In terms of stock performance, shares of NYSE:FBP opened at $18.09 on Friday. The business has a fifty-day moving average of $17.18 and a two-hundred-day moving average of $16.28.
The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76, and a current ratio of 0.77. First BanCorp. has a twelve-month low of $10.56 and a twelve-month high of $18.32. The firm has a market cap of $3.06 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 1.48, and a beta of 1.16.
Regarding its financial performance, First BanCorp. (NYSE:FBP) reported earnings of $0.44 per share for the quarter ending on Tuesday, April 23rd, surpassing the consensus estimate of $0.38 by $0.06. The bank achieved a net margin of 25.82% and a return on equity of 21.58%.
Revenue for the quarter was $302.49 million, exceeding analysts’ expectations of $229.19 million. In the same quarter last year, the company posted $0.39 EPS. Analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.
First BanCorp. also announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Thursday, May 30th, will receive a dividend of $0.16 per share, representing a $0.64 annualized dividend and a yield of 3.54%. The ex-dividend date for this dividend is Thursday, May 30th. The company’s dividend payout ratio stands at 36.57%.
Recent reports from various brokerages have provided insight into First BanCorp.’s performance. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp.
From $19.00 to $21.00 and gave the stock an “outperform” rating. Wells Fargo & Company also raised their price objective on shares of First BanCorp. from $16.00 to $18.00, rating the stock as “equal weight.”
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico, offering 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.