Allspring Global Investments Holdings LLC Trims Stake in First BanCorp. (NYSE:FBP)

Allspring Global Investments Holdings LLC lowered its position in First BanCorp. (NYSE:FBP) by 32.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,447 shares of the bank’s stock after selling 12,153 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in First BanCorp. were worth $311,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FBP. Legal & General Group Plc raised its stake in shares of First BanCorp. by 32.4% in the fourth quarter. Legal & General Group Plc now owns 2,863 shares of the bank’s stock valued at $36,000 after acquiring an additional 700 shares during the period. Tower Research Capital LLC TRC increased its stake in First BanCorp. by 63.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 7,554 shares of the bank’s stock worth $87,000 after buying an additional 2,933 shares during the period. Shay Capital LLC purchased a new position in First BanCorp. in the 1st quarter worth about $131,000. First Trust Direct Indexing L.P. purchased a new position in First BanCorp. in the 1st quarter worth about $162,000. Finally, Toroso Investments LLC purchased a new position in First BanCorp. in the 3rd quarter worth about $169,000. Hedge funds and other institutional investors own 91.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Bank of America reduced their price target on shares of First BanCorp. from $17.00 to $16.00 in a research note on Tuesday, October 10th. StockNews.com assumed coverage on shares of First BanCorp. in a report on Thursday, October 5th. They set a “hold” rating on the stock. Piper Sandler increased their target price on shares of First BanCorp. from $14.00 to $17.00 in a report on Friday, July 28th. Finally, Wells Fargo & Company increased their target price on shares of First BanCorp. from $12.50 to $13.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th.

First BanCorp. Stock Up 0.4 %

Shares of First BanCorp. stock opened at $14.01 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.74 and a quick ratio of 0.74. First BanCorp. has a 1 year low of $10.18 and a 1 year high of $15.99. The firm’s 50-day moving average is $13.64 and its two-hundred day moving average is $13.14. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 4.07 and a beta of 1.18.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Friday, October 20th. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.08. First BanCorp. had a net margin of 27.15% and a return on equity of 21.55%. The business had revenue of $293.70 million for the quarter, compared to analysts’ expectations of $230.42 million. During the same period last year, the business earned $0.40 EPS. As a group, research analysts expect that First BanCorp. will post 1.61 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 24th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Wednesday, November 22nd. First BanCorp.’s dividend payout ratio is currently 34.15%.

First BanCorp. 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.