Seven Eight Capital LP acquired a new position in shares of First BanCorp. (NYSE:FBP – Free Report) in the 1st quarter, Holdings Channel reports. The fund acquired 16,937 shares of the bank’s stock, valued at approximately $297,000.
Several other institutional investors and hedge funds have also made changes to their positions in FBP. Allspring Global Investments Holdings LLC lifted its position in First BanCorp. by 239.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after purchasing an additional 67,844 shares during the period. Goldman Sachs Group Inc. lifted its position in First BanCorp. by 6.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after purchasing an additional 110,797 shares during the period. SummerHaven Investment Management LLC lifted its position in First BanCorp. by 1.2% during the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after purchasing an additional 661 shares during the period. Wellington Management Group LLP lifted its position in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares during the period. Finally, Headlands Technologies LLC acquired a new position in First BanCorp. during the fourth quarter valued at $113,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The shares were 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 owns 277,020 shares in the company, valued at approximately $4,964,198.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
First BanCorp. Price Performance
First BanCorp. (NYSE:FBP – Get Free Report) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 22.11% and a net margin of 25.91%. The firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. During the same period last year, the firm earned $0.37 EPS. As a group, equities analysts expect that First BanCorp. will post 1.75 EPS for the current fiscal year.
First BanCorp. Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Thursday, August 29th. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.
Analysts Set New Price Targets
FBP has been the subject of a number of research reports. Raymond James initiated coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Wells Fargo & Company boosted their target price on shares of First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday. Hovde Group upped their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, 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 in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.
View Our Latest Stock Report on FBP
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.
Further Reading
- Five stocks we like better than First BanCorp.
- Consumer Staples Stocks, Explained
- Ford Stock EPS Disappoints, Shares Plummet After-Hours
- Should You Add These Warren Buffett Stocks to Your Portfolio?
- How Much Should You Be Investing? Try Our Calculators
- Top Biotech Stocks: Exploring Innovation Opportunities
- Enphase Energy Stock: Growth in the Renewable Energy Transition
Want to see what other hedge funds are holding FBP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First BanCorp. (NYSE:FBP – Free Report).
Receive News & Ratings for First BanCorp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First BanCorp. and related companies with MarketBeat.com's FREE daily email newsletter.