MQS Management LLC Reduces Stock Position in First BanCorp. (NYSE:FBP)

MQS Management LLC cut its holdings in shares of First BanCorp. (NYSE:FBP) by 31.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,217 shares of the bank’s stock after selling 7,415 shares during the quarter. MQS Management LLC’s holdings in First BanCorp. were worth $284,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FBP. Norges Bank acquired a new position in shares of First BanCorp. in the 4th quarter worth approximately $32,590,000. Wellington Management Group LLP grew its position in shares of First BanCorp. by 2,172.9% in the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after acquiring an additional 993,819 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of First BanCorp. in the 1st quarter worth approximately $16,719,000. Vanguard Group Inc. grew its position in shares of First BanCorp. by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after acquiring an additional 448,845 shares in the last quarter. Finally, LSV Asset Management grew its position in shares of First BanCorp. by 18.7% in the 1st quarter. LSV Asset Management now owns 1,318,399 shares of the bank’s stock worth $23,125,000 after acquiring an additional 207,510 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the transaction, the chief financial officer now owns 277,020 shares in the company, valued at approximately $4,964,198.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,277 shares of company stock worth $2,529,539. 2.50% of the stock is owned by company insiders.

First BanCorp. Stock Performance

NYSE:FBP traded up $0.17 during midday trading on Friday, reaching $21.96. 81,640 shares of the company traded hands, compared to its average volume of 1,053,651. First BanCorp. has a twelve month low of $12.72 and a twelve month high of $22.12. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The company has a fifty day moving average price of $18.37 and a 200 day moving average price of $17.42.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The company had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, analysts expect that First BanCorp. will post 1.75 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.91%. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Wells Fargo & Company lifted their target price on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Hovde Group boosted their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.00.

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.