First BanCorp. (NYSE:FBP) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in shares of First BanCorp. (NYSE:FBP) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 81,860 shares of the bank’s stock after selling 2,229 shares during the quarter. New York State Teachers Retirement System’s holdings in First BanCorp. were worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in shares of First BanCorp. by 32.4% during the 4th quarter. Legal & General Group Plc now owns 2,863 shares of the bank’s stock worth $36,000 after acquiring an additional 700 shares in the last quarter. Lazard Asset Management LLC grew its holdings in First BanCorp. by 56.1% in the second quarter. Lazard Asset Management LLC now owns 4,296 shares of the bank’s stock valued at $52,000 after purchasing an additional 1,544 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of First BanCorp. by 151.5% in the third quarter. Tower Research Capital LLC TRC now owns 9,453 shares of the bank’s stock valued at $127,000 after buying an additional 5,695 shares in the last quarter. Shay Capital LLC purchased a new position in shares of First BanCorp. in the first quarter valued at $131,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of First BanCorp. during the 3rd quarter worth $138,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

NYSE FBP opened at $16.29 on Thursday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a fifty-two week low of $10.18 and a fifty-two week high of $17.70. The business has a fifty day moving average of $16.89 and a 200-day moving average of $15.81. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 9.58, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. The firm had revenue of $299.09 million during the quarter, compared to analysts’ expectations of $227.75 million. First BanCorp. had a return on equity of 21.62% and a net margin of 26.19%. During the same quarter last year, the business posted $0.40 EPS. As a group, analysts predict that First BanCorp. will post 1.66 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio is currently 37.65%.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total transaction of $998,784.00. Following the completion of the sale, the executive vice president now directly owns 98,501 shares in the company, valued at $1,708,007.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 57,600 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the completion of the transaction, the executive vice president now owns 98,501 shares in the company, valued at approximately $1,708,007.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,600 shares of company stock worth $2,278,784. 2.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

FBP has been the topic of a number of research reports. Wells Fargo & Company increased 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 note on Wednesday, April 10th. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a report on Thursday, January 25th.

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.