First BanCorp. (NYSE:FBP) Shares Sold by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. reduced its holdings in First BanCorp. (NYSE:FBP) by 31.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 318,210 shares of the bank’s stock after selling 149,300 shares during the quarter. First BanCorp. makes up 1.3% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 29th biggest holding. Stieven Capital Advisors L.P.’s holdings in First BanCorp. were worth $6,737,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in First BanCorp. by 2.0% during the first 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 during the last quarter. LSV Asset Management increased its stake in First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after acquiring an additional 301,443 shares during the last quarter. Panagora Asset Management Inc. increased its stake in First BanCorp. by 55.8% during the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after acquiring an additional 235,156 shares during the last quarter. X Square Capital LLC boosted its position in shares of First BanCorp. by 45.2% in the second quarter. X Square Capital LLC now owns 351,170 shares of the bank’s stock worth $6,423,000 after buying an additional 109,340 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of First BanCorp. in the second quarter worth about $1,490,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Trading Up 0.0 %

Shares of NYSE FBP opened at $20.94 on Friday. The stock’s 50 day moving average price is $20.43 and its two-hundred day moving average price is $19.56. First BanCorp. has a 52-week low of $14.72 and a 52-week high of $22.40. The stock has a market capitalization of $3.43 billion, a P/E ratio of 11.57, a PEG ratio of 1.89 and a beta of 1.11. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. On average, analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Analyst Ratings Changes

A number of research analysts recently commented on FBP shares. Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Hovde Group cut their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wells Fargo & Company cut their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the sale, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,556 shares of company stock worth $736,365. 2.50% of the stock is currently owned by company insiders.

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.