First BanCorp. (NYSE:FBP) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in shares of First BanCorp. (NYSE:FBP) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,227 shares of the bank’s stock after selling 2,318 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of First BanCorp. worth $1,729,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FBP. Farther Finance Advisors LLC raised its holdings in First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock worth $27,000 after purchasing an additional 703 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after purchasing an additional 514 shares in the last quarter. Blue Trust Inc. raised its holdings in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after acquiring an additional 3,032 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of First BanCorp. by 919.3% in the 4th quarter. Federated Hermes Inc. now owns 4,057 shares of the bank’s stock valued at $75,000 after acquiring an additional 3,659 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company lifted their target price on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $22.80.

First BanCorp. Stock Performance

NYSE:FBP opened at $20.30 on Tuesday. The firm’s fifty day moving average price is $19.89 and its 200 day moving average price is $19.42. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.33 and a beta of 0.94.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. First BanCorp. had a net margin of 24.46% and a return on equity of 18.22%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. On average, sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 29th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.72 annualized dividend and a dividend yield of 3.55%. First BanCorp.’s payout ratio is currently 39.13%.

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.