Victory Capital Management Inc. Sells 311,470 Shares of First BanCorp. (NYSE:FBP)

Victory Capital Management Inc. lowered its position in First BanCorp. (NYSE:FBP) by 20.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225,464 shares of the bank’s stock after selling 311,470 shares during the quarter. Victory Capital Management Inc. owned approximately 0.71% of First BanCorp. worth $20,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in shares of First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock valued at $165,408,000 after acquiring an additional 505,003 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of First BanCorp. by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock worth $28,053,000 after purchasing an additional 52,384 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of First BanCorp. by 3.1% in the third quarter. Schroder Investment Management Group now owns 1,721,109 shares of the bank’s stock worth $23,166,000 after purchasing an additional 51,078 shares during the last quarter. LSV Asset Management increased its stake in shares of First BanCorp. by 6.2% in the third quarter. LSV Asset Management now owns 1,143,989 shares of the bank’s stock worth $15,398,000 after buying an additional 66,600 shares during the period. Finally, Invesco Ltd. boosted its position in First BanCorp. by 32.0% during the 3rd quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock valued at $13,918,000 after buying an additional 250,577 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the completion of the transaction, the executive vice president now owns 246,930 shares in the company, valued at $4,227,441.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other First BanCorp. news, EVP Nayda Rivera sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total transaction of $256,800.00. Following the completion of the transaction, the executive vice president now owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The disclosure for this sale can be found here. Insiders have sold 150,000 shares of company stock worth $2,624,000 over the last ninety days. 2.50% of the stock is owned by corporate insiders.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $18.06 on Friday. The firm has a fifty day simple moving average of $17.16 and a two-hundred day simple moving average of $16.23. First BanCorp. has a 12 month low of $10.56 and a 12 month high of $18.32. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $3.06 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period in the prior year, the firm earned $0.39 earnings per share. Equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Wednesday, May 29th. First BanCorp.’s payout ratio is presently 36.57%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Thursday, April 25th.

First BanCorp. Company 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.