Federated Hermes Inc. Buys 3,659 Shares of First BanCorp. (NYSE:FBP)

Federated Hermes Inc. boosted its position in First BanCorp. (NYSE:FBP) by 919.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,057 shares of the bank’s stock after acquiring an additional 3,659 shares during the quarter. Federated Hermes Inc.’s holdings in First BanCorp. were worth $75,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. R Squared Ltd bought a new position in First BanCorp. during the 4th quarter valued at approximately $28,000. Picton Mahoney Asset Management raised its holdings in shares of First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. lifted its stake in First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after acquiring an additional 542 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in First BanCorp. in the third quarter valued at $66,000. Finally, Smartleaf Asset Management LLC increased its position in First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after purchasing an additional 3,032 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity at First BanCorp.

In related news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the transaction, the executive vice president now owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

First BanCorp. Price Performance

FBP opened at $18.24 on Friday. The stock has a market cap of $2.97 billion, a P/E ratio of 10.08, a PEG ratio of 1.34 and a beta of 0.90. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40. The business has a fifty day moving average of $18.71 and a 200 day moving average of $19.59. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter last year, the business earned $0.46 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a dividend of $0.18 per share. The ex-dividend date was Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 3.95%. First BanCorp.’s dividend payout ratio is currently 39.78%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wells Fargo & Company upgraded First BanCorp. from an “equal weight” rating to an “overweight” rating and set a $20.00 price target on the stock in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.40.

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.